Definition, Meaning & Synonyms
obligor
Noun
/əˈblɪɡər/
Definition
A person or entity that is bound by a legal obligation to another party.
Examples
- The bank is the obligor in the loan agreement, as it is responsible for providing the funds.
- In a lease contract, the tenant is the obligor for paying rent on time.
Meaning
An obligor is someone who has a duty to perform a specific action, often in terms of financial or contractual responsibilities, typically involving the payment of a debt or the fulfillment of a contract.
Synonyms
- Debtor
- Promisor
- Contractor
