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arras

substantivo

full

binder

noun

Comparative law notes

There are two types of "arras" under Brazilian law: i) "arras confirmatórias" (sections 418 and 419 of the Brazilian Civil Code): earnest money that is paid to bind the parties to the agreement and prevent the parties from withdrawing from it. If the party who paid the earnest money withdraws from the contract, the other party can keep the money. If the party who received the earnest money withdraws from the contract, it must return to the other party twice the amount received. In either case, the injured party has the right to claim further damages; ii) "arras penitenciais" (section 420 of the Brazilian Civil Code): earnest money that serves as punishment in case of nonperformance of the contract. If the party who paid the earnest money withdraws from the contract, the other party can keep the money. If the party who received the earnest money withdraws from the contract, it must return to the other party twice the amount received. In either case, the earnest money that was paid serves as preliquidated damages, so no further damages can be claimed.

Definitions of binder

a payment or written statement making an agreement legally binding until the completion of a formal contract, especially an insurance contract

This binder contract, in the claimant's view, was formed by the exchanges between the parties.

a preliminary agreement to buy real property accompanied by a deposit which is lost if the buyer does not complete the purchase

A binder was then signed by the defendant seller and the buyer.

written evidence of insurance that covers a limited time and that will be replaced later with a permanent policy

This binder is a temporary insurance contract, subject to the conditions shown on the reverse side of this form.