What is LOCKOUT AGREEMENT?

An arrangement allowing a chosen, earnest buyer time to complete its purchase free of pressure from competition. Seller’s and buyer’s written or oral contract requiring that the seller not seek or accept additional offers for a specified period.

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Related Legal Terms
BASIC ORDERING AGREEMENT, VERBAL AGREEMENT, LOCKOUT, LOCKOUT PERIOD, NOTICE OF LOCKOUT, CONFIDENTIALITY AGREEMENT, CONDITIONAL SALE AGREEMENT, LOAN RECEIPT AGREEMENT, STANDSTILL AGREEMENT, PURCHASE AGREEMENT


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