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Simple English definitions for legal terms
take delivery
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A quick definition of take delivery:
Take delivery: When you buy something, you need to get it. Taking delivery means receiving what you bought. This can be something you ordered online or something you bought in a store. It can also mean getting something you bought in the stock market or futures market.
A more thorough explanation:
TAKE DELIVERY
To receive something that has been purchased or ordered. This can include receiving a commodity under a futures contract or spot-market contract, or receiving securities that have recently been purchased.
- John ordered a new laptop online and took delivery of it two days later.
- Sarah purchased a futures contract for wheat and took delivery of the wheat when the contract expired.
- Mark bought some stocks and took delivery of the securities a few days later.
These examples illustrate the concept of taking delivery. In the first example, John received the laptop he had ordered. In the second example, Sarah received the wheat that she had purchased through a futures contract. In the third example, Mark received the securities he had recently bought. In all cases, taking delivery means receiving something that has been purchased or ordered.