binder - generally, an exchange of consideration leading to a commitment that falls short of a formal contract. Examples include (a) insurance binders, in which an insurer offers immediate temporary fire insurance pending a final review and approval by the underwriter; (b) the exchange of a deposit to evidence a verbal agreement to purchase real estate; and (c) a report issued by a title company evidencing a willingness to insure title to a parcel of property if certain conditions are met.

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