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English definition of “binder”

binder

noun [C]     /ˈbaɪndər/
LAW a short document showing an agreement between a buyer and a seller, used for a short period while the complete document is being prepared: a binder agreement In the case of a real estate purchase, a binder contains the basic terms of the transaction. A binder will give insurance coverage for a specified period of time until the actual insurance policy can be issued. → See also cover note
WORKPLACE a hard cover in which paper documents can be stored: Your report will look more professional if it is presented in an attractive binder. → See also ring binder
(Definition of binder noun from the Cambridge Business English Dictionary © Cambridge University Press)
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