take-or-pay contracts

why are they called take or pay contracts? i would think they ought to be called “take and pay” contracts if anything.

Maybe it should be called (take and pay) or pay. You either buy the product (the take and pay part) or you pay some fee for not doing it. (take and pay) or pay is really cumbersome to say though so they shortened it to the much snappier take or pay.

many thanks Joey. a lucid explanation as always.