In today`s world, there is nothing more frustrating than being locked into a long-term contract with a service provider. It restricts your freedom and flexibility to choose what`s best for you. So, it`s no surprise that many people have been wondering whether Verizon still does contracts. In this article, we`ll explore this topic in depth and help you understand the current situation.
Firstly, let`s clarify what we mean by a contract. In the traditional sense, a contract is a legally binding agreement between two parties that outlines specific terms and conditions that both must abide by. In the telecom industry, this usually refers to a two-year agreement that you sign with a service provider like Verizon, which locks you into a specific plan and requires you to pay a termination fee if you decide to cancel before the end of the term.
Verizon has always been a pioneer in the wireless industry, and they were one of the first companies to introduce the concept of unlimited data plans. However, in recent years, they have been gradually moving away from the traditional contract model. In August 2015, Verizon announced that they would no longer offer two-year contracts for new customers and would instead focus on device payment plans.
So, what are device payment plans? These plans allow you to spread the cost of a new device over a specific period, usually 24 months. You pay a monthly fee for the device in addition to your service plan. Once you have paid off the device, you own it outright, and your monthly bill decreases as you no longer need to pay for the device.
In essence, device payment plans do away with the need for a traditional contract as there is no longer any agreement between you and Verizon that restricts your ability to change plans or carriers. You are free to upgrade your phone or change service providers as and when you please, as long as you have paid off your device.
It`s worth noting that even though Verizon no longer offers traditional contracts, they do still have a 24-month agreement for some plans and devices. This agreement is not the same as a contract, as it is a payment plan that outlines the cost of your device. You can still cancel this agreement at any time, but you will need to pay off the outstanding balance for your device.
In conclusion, Verizon no longer does traditional two-year contracts for new customers. Instead, they offer device payment plans that allow you to spread the cost of your device over 24 months. While you do have to agree to a 24-month agreement for some plans and devices, this is not the same as a contract and does not restrict your freedom to choose the service provider or plan that`s best for you.