Legal Definitions - gager

Gager refers to the act or process of providing a pledge or security, often as a guarantee for a promise or an obligation. It signifies the transaction where an individual or entity offers an asset or commitment to ensure the fulfillment of a future action or debt.

Here are some examples to illustrate this concept:

• Imagine a small business owner applying for a bank loan to purchase new equipment. The bank requires the owner to put up their personal vehicle as collateral for the loan. The act of the business owner formally offering and pledging their vehicle as security for the loan repayment is an instance of gager. It's the transaction of giving a pledge to assure the bank that the loan will be repaid.

• Consider a software development company bidding on a government contract to build a new IT system. To ensure the company will complete the project on time and to specification, the government requires them to provide a performance bond. The company's action of securing and providing this bond, which acts as a financial guarantee of their contractual obligations, is an example of gager. It's the giving of security to ensure their promises are met.

• Suppose an individual is arrested and charged with a minor offense. To be released from custody before their court date, they are required to post bail. The act of depositing a sum of money or property with the court, which serves as a guarantee that the arrested individual will appear for all scheduled court proceedings, is a form of gager. It represents the provision of security to ensure a future action (court appearance).