standby agreement
nounUK /ˈstændbaɪ əˈɡriːmənt/
US /ˈstændbaɪ əˈɡriːmənt/
A standby agreement is a promise to be ready to help if needed.
The two countries signed a standby agreement so they could help each other in an emergency.
RELATED WORDS
OTHER MEANINGS
2. A lending arrangement with the International Monetary Fund that gives a country money if it needs it.
The country secured a standby agreement with the IMF to steady its economy.
3. A deal where a person or company promises to step in and do a job if the main person cannot.
The understudy had a standby agreement to perform if the lead actor got sick.
4. A contract that keeps resources ready for use at short notice.
The airline has a standby agreement with a partner to cover cancelled flights.