Definitions for "privity"
Private or inside knowledge.
Private knowledge; joint knowledge with another of a private concern; cognizance implying consent or concurrence.
A private matter or business; a secret.
Keywords:  secrecy, confidence, privacy
Privacy; secrecy; confidence.
Under a lease, the original landlord and tenants are subject to privity of contract and are bound by all the provisions of the lease for as long as the lease lasts. It is under this rule that an original tenant remains liable for the entire term of the lease, even though he may have disposed of his interest many years before. Subsequent landlords and tenants are only bound by those provisions of the lease, which” run with the land” which of course normally means most of them. Insurance cover exists to protect Property Owners and thereby help them protect their obligations under privity