NTE (Not-To-Exceed-Price)
NTE Price (Not-To-Exceed-Price) Definition: In procurement, NTE is a term used to describe an agreed upon maximum price that is not to be exceeded should the cost of goods or services exceed this amount. It also provides protection for buyers by setting a ceiling on the amount spendable in any given transaction. This price is agreed upon in advance and must be adhered to during the duration of the agreement.
