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TeachMeFinance.com - explain Long-term purchase Long-term purchase A purchase contract under which at least one delivery of material is scheduled to occur during the second calendar year after the contract-signing year. Deliveries also can occur during the contract-signing year, during the first calendar year thereafter, or during any subsequent calendar year. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional medical, legal or financial advice. Information presented at TeachMeFinance.com is provided on an "AS-IS" basis. Please read the disclaimer for details.