Words / L / Law

lock-out agreement

noun/ˈlɒk aʊt əˌɡriːmənt/

C2CEFR level
90/100Rarity: very rare
TechnicalRegister

A collateral promise not to negotiate with anyone else for a defined period.

The buyer secured a two-week lock-out agreement barring the seller from courting rival bidders.

Similar: exclusivity agreement

Topic: Contracts in Legal English

Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.

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More law words: Contracts