Though it only applies in the 91 markets that Verizon Wireless is required to divest as a condition of purchasing Alltel, the company has decided to shatter the idea of the industry-standard
two-year agreement, opting instead for a shorter one-year term for its new subscribers.  Typically, one-year agreements come with lofty phone prices, but not in this example - in a rather generous move, Alltel has decided to keep the same two-year subsidized device pricing.

The idea of having customers locked in for just one year instead of two may not please the buyer, but at any rate, we're sure it will attract new customers.

Source: Engadget Mobile