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indenture

noun

/ɪnˈdɛntʃə/

IPA:

Dictionary definition of indenture

A legal agreement or contract that binds one party to certain conditions or obligations.
"The indenture contract bound the worker to the employer for a set period of time."

Detailed meaning of indenture

It is a type of binding contract. The term "indenture" comes from the old French word "endenturer" which means "to put into teeth" or "to divide into teeth".

Indentures are often used in the context of apprenticeships, where a young person agrees to work for a skilled tradesperson in exchange for learning a trade. The indenture will specify the length of time the apprentice is to work and the terms of the apprenticeship.

Indentures can also be used in the context of labor contracts, where a worker agrees to work for a specific period of time in exchange for wages or other compensation. The indenture will specify the length of the contract, the duties of the worker, and other terms and conditions.

Indentures can also be used in the context of bonds or other financial instruments, where an issuer, such as a corporation or government, borrows money from investors, and in exchange, the issuer promises to pay interest and return the principal to the investors at a specified date.

In short, Indenture refers to a legal agreement or contract, typically a written document, that binds one party to certain conditions or obligations, it is a type of binding contract, it is often used in the context of apprenticeships, labor contracts, and bonds, it will specify the length of time, duties, and other terms and conditions of the agreement.

Example sentences containing indenture

1. After reviewing the terms, Jill finally signed the indenture for her new apartment.
2. The indenture of his apprenticeship included detailed clauses about his training.
3. It's essential to read the indenture thoroughly before signing anything.
4. The lawyer held the indenture up to the light, scrutinizing every single word.
5. My grandfather's old indenture was framed and hung on the wall as a relic from his days as a trainee.
6. The indenture clearly outlined the responsibilities of both parties involved.

History and etymology of indenture

The noun 'indenture' has a fascinating etymology rooted in medieval legal practices. It can be traced back to the late Middle English word 'endenture,' which was derived from the Old French word 'endenter.' The Old French term, in turn, originated from the Latin word 'indentare,' which is a combination of 'in' (in or into) and 'dentum' (tooth or edge). The name 'indenture' was given to contracts or agreements in the Middle Ages because the documents were often written in duplicate on a single sheet of parchment or paper. These copies were then divided along a jagged or toothed line, known as an 'indenture,' which made it difficult to counterfeit or alter the contract without detection. Each party would retain one part of the document, and when the two jagged edges were brought together, they would match, verifying the authenticity of the agreement. This practice of creating duplicates with matching indentations gave rise to the term 'indenture' to describe such legal contracts.

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Further usage examples of indenture

1. There was a dispute about a clause in the indenture which left both parties in legal limbo.
2. The museum had a collection of ancient indentures, showcasing historical trading agreements.
3. I've kept a copy of the indenture in my drawer for reference.
4. "This indenture," the lawyer began, "defines the terms of your employment."
5. She insisted that the terms of the indenture were unfair and demanded renegotiation.
6. They had to amend the indenture after the new government regulations were released.
7. The indenture set forth a clear plan for the development of the property.
8. The original indenture had been lost, causing problems for the heirs.
9. A well-drafted indenture leaves no room for misunderstandings or misinterpretations.
10. The wording of this indenture is archaic, reflecting its age and the time of its drafting.
11. Under the terms of the indenture, he could not work for a competitor for two years after termination.
12. The indenture was signed in duplicate, with each party retaining a copy.
13. The indenture of the loan agreement specified the interest rate and repayment schedule.
14. The indenture contained an escalation clause, allowing rent to be increased annually.