step-in rights
C1CEFR level
78/100Rarity: rare
TechnicalRegister
A contractual entitlement of a funder or third party to assume a defaulting party's role rather than let the contract collapse.
Under the direct agreement the bank exercised its step-in rights and installed a replacement contractor.
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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