An arrangement with a bank in which money is deposited with the bank by one party and paid to another party if the condition of the arrangement is met, or if the condition is not met, the money is returned to the person who originally deposited the money with the bank.

RERA stands for Dubai Real Estate Regulatory Agency, a government agency, the regulatory arm of Dubai Land Department. RERA was founded on July 31, 2007, by virtue of Dubai Law No. (16) of 2007 Establishing the Real Estate Regulatory Agency. The primary objective of the Agency is to regulate the real estate sector in the Emirate of Dubai by contributing to the preparation of strategies related to the industry and to the development and implementation of the required action plans, including setting legislation regulating the relationship between contracting parties in the real estate market. RERA involved in planning, organising and evaluating operations related to real estate licenses, organisation and development of real estate activities, monitoring property development projects financially and technically, to protect investors.

A period immediately after the deadline for the performance of an obligation during which a late fee or penalty, or other action would have been taken as a result of failing to meet the deadline, is waived provided that the obligation is satisfied during the grace period. Grace periods can range from a couple of minutes to a number of days or longer, depending on the context, and can apply in various situations, such as complying with a legal obligation by a specified deadline.