The adjective 'noncancelable' describes something that cannot be cancelled or revoked. It implies a binding agreement, obligation, or arrangement that remains in effect, regardless of the circumstances. This often applies to financial contracts, insurance policies, or other commitments where one party is legally or contractually bound to fulfill certain duties. It is often used where a degree of guarantee is implied, or where any cancellation is against the stipulations laid down.
Noncancelable meaning with examples
- The homeowner signed a noncancelable mortgage agreement, committing them to monthly payments for the next 30 years. Breaking the terms would trigger serious financial penalties and the risk of foreclosure. The lender could not agree to cancelling the loan, due to its contractual stipulations.
- The travel agent emphasized the noncancelable nature of the international flight tickets, as the airline's policies did not allow for refunds or changes after booking. The client realised that the noncancelable nature could prevent them from reclaiming any money if their plans changed.
- The insurance company sold a noncancelable disability policy, guaranteeing a set income to the policyholder if they became disabled and unable to work, irrespective of the wider economic landscape, and thus provided great peace of mind.
- The lease agreement for the commercial property was noncancelable for a period of five years, assuring the landlord of a steady stream of rental income. This clause meant the tenant was legally obliged to meet its rental payment duties. The land lord was secure in the noncancelable nature of the agreement.