“Is there` a contract that I have to be with in Verizon? If yes how long do i have to be with the plan after buying it.”
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No, I bought it unlocked, you have to make sure to tell them, or when you order online, that you need the phone unlocked, so you can use it with any carrier. Also, please note that if you also intend to use this phone internationally, by placing a sim card from the country you are in, you need to be specific to ask for both nationally and internationally unlocked, Unlocked phone will cost you more though
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