tolling agreement

noun

(business) An agreement by a toller with an owner of raw materials to process the raw material for a specified fee ("toll") into a product with the raw material and the product remaining the property of the provider of the raw material.

They signed a tolling agreement to extend the statute of limitations.

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In the mining industry, the owner of semi-processed material might enter into a tolling agreement with a smelter or refiner to turn his semi-processed product into metal

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tolling agreement

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tolling agreement

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