Zero dollar contract,
Definition of Zero dollar contract:
A contract which does not contain any monetary remuneration between the parties for services or property. This type of contract is frequently used by business or government entities that hire a vendor to accept payments on their behalf. The vendor does not receive any money from the business or agency with which it has the contract, but is allowed to assess a service charge against anyone using the payment service. Government entities will also sign zero dollar contracts for facility use at no charge.
Meaning of Zero dollar contract & Zero dollar contract Definition
