Definite term contract definition
Definite term contract means a contract for utility services for a definite period of not less than one nor more than ten years.
Definite term contract means a contract for utility services for a definite period of not less than one nor more than ten years. “Dual service area” means a geographical area in which two or more utility suppliers are authorized under State law to provide services. “Indefinite term contract” means a month-to-month contract for utility services which may be terminated by the Government upon proper notice. “Independent regulatory body” means the Federal Energy Regulatory Commission, a state-wide agency, or an agency with less than state-wide jurisdiction when operating pursuant to state authority. The body has the power to fix, establish, or control the rates and services of utility suppliers. “Nonindependent regulatory body” means a body that regulates a utility supplier which is owned or operated by the same entity that created the regulatory body, e.g., a municipal utility. “Regulated utility supplier” means a utility supplier regulated by an independent regulatory body.