Backup Offer: An offer to buy, submitted to a seller, with the understanding that the seller has already accepted a prior offer, a secondary offer. Sometimes the seller accepts the backup offer contingent on the failure of the sales transaction on the part of the first purchaser within a specified period of time. The seller must be careful how he or she proceeds, however, when the time for the buyers performance, under the first contract, has expired.

 

Related Words

Backup Offer: An offer to buy, submitted to a seller, with the understanding that the seller has already accepted a prior offer, a secondary offer. Sometimes the seller accepts the backup offer contingent . . . View Full Definition

Offeror: The party who makes an offer - usually the buyer.

Paris Interbank Offer Rate (PIBOR): The deposit rate on interbank transactions in the Eurocurrency market quoted in Paris.

Primary Offering: Direct/Sale of a firm's newly issued shares by the firm to investors.