locked-in agreement
noun phraseUK /lɒkt ɪn əˈɡriːmənt/
US /lɑːkt ɪn əˈɡriːmənt/
A locked-in agreement is a deal that you cannot change or get out of.
We signed a locked-in agreement to rent the hall for the whole year.
RELATED WORDS
OTHER MEANINGS
2. A final decision that everyone must follow and cannot take back.
The team made a locked-in agreement to finish the project by Friday.
3. A price or rate that is fixed and will not go up or down.
The bank gave us a locked-in agreement on the interest rate for five years.
4. A promise that is firmly settled and cannot be broken.
They had a locked-in agreement to share the prize money equally.