financial contract
/ˈfɪnænʃəl ˈkɒntrækt/ · fin·an·cial con·tract
noun
- A legally binding agreement between two or more parties regarding a financial transaction or obligation. The company signed a financial contract with the investor to secure funding for the new project.
- A document or instrument that outlines the terms and conditions of a financial transaction or agreement. The financial contract included a clause that protected the buyer in case of default by the seller.
- A financial instrument or security that represents a contract between two parties, such as a bond or a derivative. The financial contract was traded on the stock exchange, with a value of $100 million.
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Did you know? The concept of financial contracts has been in use for centuries, with ancient civilizations such as the Babylonians and Romans using contracts to secure loans and trade goods.