Collateral Warranty

Collateral Warranty definition

/kəˈlat(ə)r(ə)l/ /ˈwɒr(ə)nti/

What does Collateral Warranty mean?

A collateral warranty is an agreement given by a contractor, sub-contractor or consultant to an interested third party (eg funder, purchaser, tenant) to give that party a contractual right to pursue the warrantor if it suffers loss due to the warrantor breaching its obligations under the underlying contract.

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