Meaning of seller's option

sell'er's op"tion

Pronunciation: [key]
  1. (on the New York Stock Exchange) a special transaction that gives the seller the right to make late delivery of a security within a specified period, ranging from 5 to not more than 60 business days for stocks.
Random House Unabridged Dictionary, Copyright © 1997, by Random House, Inc., on Infoplease.