/ɪksˈʧeɪndʒ ʌv ˈkɒntrækts/ – Phrase
Definition: Việc trao đổi hợp đồng.
A more thorough explanation: the moment that the contract for the sale of a piece of real property becomes binding on both seller and buyer
Example: The new law will reduce the time it takes to get from the ‘sale agreed’ stage to exchange of contracts.