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Simple English definitions for legal terms
subscription contract
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A quick definition of subscription contract:
A subscription contract is an agreement between a person and a company that allows the person to receive a product or service regularly for a certain period of time. For example, a person may sign a subscription contract with a magazine company to receive their magazine every month for a year. A subscription list is a list of people who have signed up for the subscription. The subscription price is the amount of money that a person pays to receive the product or service regularly.
A more thorough explanation:
A subscription contract is an agreement between a company and a customer where the customer agrees to pay a recurring fee in exchange for access to a product or service. This type of contract is commonly used for services like streaming platforms, software, and magazines.
A subscription list is a list of individuals or organizations who have subscribed to a particular service or publication. For example, a magazine may have a subscription list of all the people who have paid for a yearly subscription to receive the magazine in the mail.
The subscription price is the cost that a customer pays to subscribe to a product or service. For example, a streaming platform may offer a monthly subscription for $10 per month.
John wants to watch his favorite TV shows on a streaming platform. He signs up for a monthly subscription and agrees to pay $10 per month. This is a subscription contract. The streaming platform keeps a subscription list of all its customers, including John. The subscription price is $10 per month, which John pays to access the platform's content.