Contract Security
/ˈkɒn.trækt sɪˈkjʊə.rɪ.ti/
Definitions
- (n.) Collateral or assurance pledged to secure performance of contractual obligations or payment under a contract.
The builder provided contract security to guarantee completion of the project on time.
Forms
- contract security
Related terms
See also
Commentary
Contract security primarily ensures fulfillment of contractual duties, often via bonds or guarantees; clarity in the nature and extent of the security is crucial in drafting agreements.
This glossary is for general informational and educational purposes only. Definitions are jurisdiction-agnostic but reflect terminology and concepts primarily drawn from English and American legal traditions. Nothing herein constitutes legal advice or creates a lawyer-client relationship. Users should consult qualified counsel for advice on specific matters or jurisdictions.