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TeachMeFinance.com - explain Standby Commitment standby commitment -- a promise by a lender to lend a specified amount of money at specified terms at a future date. The borrower has the right to cancel the loan. In the secondary mortgage market, the term refers to a promise to purchase a loan or loans under specified terms, with the seller retaining the option to cancel. another definition... Standby Commitment -- A bank commitment to loan money up to a specified amount for a specific period, to be used only in a certain contingency. About the author Mark McCracken Author: Mark McCracken is a corporate trainer and author living in Higashi Osaka, Japan. He is the author of thousands of online articles as well as the Business English textbook, "25 Business Skills in English". Copyright © 2005 by Mark McCracken, All Rights Reserved. TeachMeFinance.com is an informational website, and should not be used as a substitute for professional financial or legal advice. TeachMeFinance.com and its owner recommend consultation with a professional financial advisor prior to any investment or financial decision. Please read our disclaimer.