tiered
Definition
Tiered means a system is arranged in levels or layers, where different rules, prices, or rights apply depending on which level you fall into. Think of it like a cake with separate layers, where each layer has its own set of conditions that treat people or situations differently based on specific criteria.
Example
A tiered pricing contract might charge customers 5% for the first 100 units they buy, then drop to 3% for anything over 100 units, rewarding higher-volume buyers with a better rate.
Watch Out
When you sign a tiered agreement, make sure you fully understand what triggers movement between tiers, because crossing into a new tier can sometimes trigger obligations or costs you did not expect.
See which terms appear in your contract?
This definition is for informational purposes only and does not constitute legal advice. Please consult with a licensed attorney for legal guidance.