A promise to pay if the terms of a contract are met in the future. Its used to prevent loss when working with a party that may default.
Your Free Online Legal Dictionary • Featuring Black’s Law Dictionary, 2nd Ed.
A promise to pay if the terms of a contract are met in the future. Its used to prevent loss when working with a party that may default.
This article contains general legal information but does not constitute professional legal advice for your particular situation. The Law Dictionary is not a law firm, and this page does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
Powered by Black’s Law Dictionary, Free 2nd ed., and The Law Dictionary.