pricelock
Price lock is a contractual arrangement in which a seller or provider guarantees that the price of a product or service will remain fixed for a defined period, shielding the buyer from future price increases. The concept is used to reduce price volatility and aid budgeting for individuals and businesses.
How price locks work varies by industry but typically involves a written agreement specifying the duration,
Common contexts for price locks include utilities (such as electricity or natural gas contracts that fix per-unit
Benefits of price locks include improved price predictability, easier budgeting, and protection against rapid price spikes.