What is the term for a contract that provides security for the performance of an obligation?

The term that correctly describes a contract providing security for the performance of an obligation is an accessory contract. Accessory contracts are supplementary agreements that serve to support and ensure the fulfillment of a principal obligation. They create a connection between the main contract and the security arrangement, like a guaranty or collateral agreement.

In contrast, a standard contract generally refers to basic agreements without necessarily involving any supplementary security mechanism. A collateral contract may refer to additional agreements related to the main contract but is commonly used to describe a specific type of agreement that supports the primary contract by providing an obligation that complements it, rather than acting directly as security. The principal contract refers to the main agreement, which outlines the primary obligations of the parties involved but does not itself provide security for performance. Thus, it is accessory contracts that are specifically designed for the purpose of securing obligations.