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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 'Collateral'. Collateral is a property or other asset that a borrower offers as a way for a lender to secure the loan. If the borrower stops making the promised loan payments, the lender can seize the collateral to recoup its losses. Since collateral offers some security to the lender should the borrower fail to pay back the loan, loans that are secured by collateral typically have lower interest rates than unsecured loans.