Definition of collateral contract in English:
A subsidiary contract that induces a person to enter into a main contract or that depends upon the main contract for its existence.
- For all the reasons which I have already discussed, the relationship created by the letters of credit is separate from and independent of the underlying contracts, including the collateral contract pursuant to which they were opened.
- It is not incorporated by a mere reference to the terms and conditions of the contract to which the arbitration clause constitute a collateral contract.
- Side letters can constitute a variation of the main agreement or a collateral contract with terms distinct from those in the main agreement.
Definition of collateral contract in:
- British & World English dictionary
What do you find interesting about this word or phrase?
Comments that don't adhere to our Community Guidelines may be moderated or removed.