A credit default swap is a financial swap agreement that the seller of the CDS will compensate the buyer in the event of a debt default or other credit event. Wikipedia

A type of credit derivative Wikipedia Disambiguation

Financial swap agreement in case of default Wikidata

A contract where the buyer of the swap makes regular payments to the seller and in return receives a payoff in case the debtor of the underlying financial instrument defaults. OmegaWiki

A credit derivative contract between two counterparties, whereby the buyer (seller of risk) makes periodic payments to the seller (buyer of risk) in exchange for the right to a payoff if there is a default or other credit event in respect of a third party called reference entity. Wiktionary

Contract. Wiktionary (translation)