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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.
Explanatory Notes. A Collateral Warranty is an agreement between a consultant or contractor involved in the design and/or construction of a development and a third party, the beneficiary, who acquires an interest in that development.he beneficiary, under his agreement with the developer is likely to have a requirement for collateral warranties. That requirement is imposed on the consultant or contractor in his contract with the developer.