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A collateral warranty is a contractual arrangement that is directly connected to another principal contract. In other words, it is âcollateralâ to the main contractual arrangement. Collateral warranties are particularly popular in the building industry.s most commercial development projects are financed by institutional lenders such as banks, collateral warranties are typically a necessity. Collateral warranty is legally designed to enable a third party with interest in completion of the project to pursue a legal claim against another party involved in that project.
What is a Collateral Warranty? It is a contract under which a consultant such as an architect or a contractor / sub-contractor warrants to a third party (e.g. a funder, landlord or purchaser) that it has complied with its professional appointment or duties under a building contract.ften a third party will need the benefit of the contract even though it is not a party to the contract. The collateral warranty will contain statements to the effect that the consultant or contractor: a) takes proper skill, care and diligence in design;