exchange of contracts
- noun
- Jargon
:
intercambio de contratos
- The exchange of contracts marks the point when both buyer and seller are legally committed to the sale.
Examples
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After the exchange of contracts, both parties arranged for the final payment and moving date.
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Delays in the exchange of contracts can cause uncertainty in property transactions.
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The exchange of contracts took place yesterday.
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After the exchange of contracts, both parties felt relieved.
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The exchange of contracts officially made the property sale binding for both the buyer and seller.
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Once the exchange of contracts was completed, the new owners could start planning their move.
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During the exchange of contracts, both parties reviewed the terms to ensure clarity and agreement.
Synonyms
515
2.1
The act of giving something and getting something in return
How Binding
108
2.4
- Jargon
- Formal
3
2.7
117
1.0
53
4.3
Surface Forms
Morphology
The meaning is directly compositional: 'exchange' (to swap) + 'contracts' (written agreements) yields the event of swapping contracts, which a B1 learner who knows both words can readily infer. The preposition 'of' is purely grammatical and the collocation reflects a common, cross-linguistic concept of exchanging documents, so the expression is transparent.
Etymology
Exchange of contracts comes from the literal act of two people signing and swapping the contracts with each other, a simple exchange of papers. That's why, after the exchange, the deal becomes legally 'binding' and both sides are committed.