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Glite Dictionary
to exchange contracts

to exchange contracts

6.2
To swap signed papers to make a property sale legally binding
  • phrasal verb
  • UK
translation icon : intercambiar contratos
  • Both parties agreed to exchange contracts next week to finalize the property sale.

Examples

  • By 2014, we will begin construction of the first project in Israel, and we have already started to exchange contracts with the owners of the land.

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  • After weeks of negotiations, they were finally ready to exchange contracts and complete the transaction.

  • The lawyer advised her to exchange contracts as soon as possible to secure the deal.

How Binding

to exchange contracts
  • UK
6.2
to sign
∞ 1.0
to negotiate
  • Formal
801 3.7

Surface Forms

exchange contracts infinitive
exchanged contracts past
exchanged contracts past participle
exchanging contracts present participle
exchanges contracts third person singular

Morphology

exchange + contract

The phrase literally combines 'exchange' (to give and receive in return) with 'contracts' (written legal agreements), so its meaning — swapping signed documents to make an agreement binding — is directly derivable from the parts. This compositional, domain-specific phrase has clear cross-linguistic equivalents and follows normal English verb + object patterns, so a B1 learner who knows both words will generally understand it.

Etymology

Exchange contracts comes from the simple act of two people swapping signed contracts: each side hands over its papers in a real exchange. So, it now means 'to swap signed legal documents' and make the agreement 'legally binding'.