fair-trade agreement

noun

: an agreement between a producer and a seller that commodities bearing a trademark, label, or brand name belonging to the producer be sold at or above a specified price

Word History

First Known Use

1937, in the meaning defined above

Kids Definition

fair-trade agreement

noun

: an agreement between a producer and a seller that products bearing a trademark, label, or brand name belonging to the producer be sold at or above a specified price

Legal Definition

fair-trade agreement

noun

: an agreement between a producer and a seller that commodities bearing a trademark, label, or trade name belonging to the producer be sold at or above a specified price

Note: Most fair-trade agreements are illegal.