Standards define it as a dispersion of bitumen droplets in a continuous aqueous phase stabilized by an emulsifier, classified by ionic charge and setting behavior. Procurement definitions typically reference a named grade and include required test methods for binder content, viscosity, sieve residue, storage stability, particle charge, and residue properties after evaporation. Many standards also include acceptance criteria for breaking behavior and compatibility with aggregates. The key point is that a formal definition is measurable: it ties the product to methods, limits, and a compliance document trail, not only a descriptive label like “water based bitumen.”