service contract
noun[C]
ukusHR
aformalagreementbetween acompanyand anemployeein a highpositionabouttheirpayandconditionsofemployment(=rulesunder which they areemployed):
Thecompanyhasreducedservicecontractsforitsexecutivedirectorsto one year'snotice.
She was on a two-yearservicecontract.
COMMERCE
anagreementbetween acompanyand acustomer,statingthat thecompanywillcheckandrepairequipmentfor anagreedpriceduring afixedperiodoftime:
Makesureyou don'tpaytoo much for anextendedwarrantyorservicecontract.
COMMERCE
anagreementwith amobilephonecompanyin which thecustomerpaysafixedamounteachmonth:
Newcustomerscanterminateaservicecontractwithin the first threedayswithout beingcharged.