It is defined as an oil in water dispersion where bitumen is the dispersed phase and water is the continuous phase, stabilized by an emulsifier system with specified charge type and stability performance. Standards define it through properties: binder content, viscosity at reference temperature, sieve residue, storage stability, breaking behavior, and residue characteristics after evaporation. The definition also includes handling and application requirements such as allowable temperature ranges, compatibility with aggregates, and classification by setting rate. For procurement, the definition is practical: it must meet a named grade and test methods, not just be described as water based.