The definition of Binder in U.S. law, as defined by lexicographer Arthur Leff in his legal dictionary, is as follows: According to the plaintiff, this Binder contract was entered into through exchange between the parties. This binder is a cddé insurance contract subject to the conditions indicated on the back of this form. As part of the sale of real estate, a memorandum of understanding signed by one or both parties is also signed, which aims to « keep » the agreement until a formal contract can be signed. These are often not considered legally enforceable by at least one of the parties, but if the document looks like a contract and is accompanied by consideration, the party who thought they were not legally bound may experience an unpleasant surprise. Therefore, an explicit indication of the non-binding nature of this type of binder is strongly recommended. 01 2017. 10 2022 If you apply for insurance, the policy itself is generally not issued until the claim is accepted at the insurer`s head office. However, the company`s sales agents generally have the right to issue a « record » (also known as an « insurance contract », « commitment certificate », « provisional receipt », « liability document », « conditional commitment document ») that provides insurance coverage to the applicant while the company decides on the application.
This protection generally applies unless the applicant is guilty of fraud, material misrepresentation or otherwise, but in some cases the coverage is more extensive. Search the dictionary for legal abbreviations and acronyms for legal acronyms and/or abbreviations that contain binders. These sample sets are automatically selected from various online information sources to reflect the current use of the word « record. » The opinions expressed in the examples do not represent the opinion of Merriam-Webster or its editors. Send us your feedback. Asian Law, `Binder` (legaldictionary.lawin.org, 2017) joined on 4 October 2022 (2017, 01). Binder legaldictionary.lawin.org Recovered on 10.2022 from legaldictionary.lawin.org/binder/ a payment or written declaration making a legally binding agreement until the conclusion of a formal contract, in particular an insurance contract A file was then signed by the defendant seller and the buyer. A formal statement or written certificate of an insurance policy. A filing cabinet is often requested by third parties who have an interest in insurance, such as the pledged assets of mortgagees (the bank). A record is also often issued by the insurer as a form of temporary or temporary confirmation of coverage while the claim has been approved, but receipt of insurance records by the insured from the insurer`s headquarters is still pending. Your email address will not be published. Required fields are marked * An agreement between buyer and seller. It is usually secured by deposit.
If the buyer changes his mind, the seller must refund the payment. n. a written explanation of the essential terms of an agreement, in particular insurance policies, so that the insured and the lenders can be sure that there is valid and sufficient insurance coverage. (See: Insurance). Alternative definitions of binder: (1) A report issued by a title insurance company that sets out the condition of ownership of certain property from a specific date and also sets out the conditions that, if met, will result in the issuance of title insurance. Also known as a bond. See also: Preliminary report on the title. (2) A title insurance policy (mainly used by investors) that requires a reduced rate for a future policy if the property is sold within a certain period of time. This entry on Binder has been published under the terms of the Creative Commons Attribution 3.0 (CC BY 3.0) license, which allows for unrestricted use and reproduction, provided that the author or authors of the Binder entry and the Lawi platform are each named as the source of the Binder entry. Please note that this CC BY license applies to some of Binder`s textual content and that certain images and other textual or non-textual elements may be subject to special copyright agreements. Instructions on how to cite Binder (specify the assignment required by the CC BY license) can be found below in our « Cite this entry » recommendation.
A written document that records the essential provisions of an insurance contract and temporarily protects the insured until an insurance company has investigated the risks to be covered or until a formal policy is issued. You might be interested in the historical meaning of this term. Search for a binder in historical law in the Encyclopedia of Law. before the 12th century, as defined in sense 1, a receipt in cash or for a cheque deposited with the seller by a potential buyer to guarantee the right to purchase real estate on the terms agreed between the buyer and the seller.
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