diff --git a/jcp/SPEC.md b/jcp/SPEC.md
index ea4ec9f58..6625422d6 100644
--- a/jcp/SPEC.md
+++ b/jcp/SPEC.md
@@ -108,6 +108,7 @@ Grant {
   capability: { resource: content-id, actions: [string] }
   budget_uj:  uint               ; the joule ceiling this grant may ever spend
   budget_funds: { currency: string, minor: uint }?  ; OPTIONAL money ceiling (§4.8)
+  caveats:    [caveat]            ; OPTIONAL embedded conditions (§4.9); omitted when empty
   expiry:     uint               ; unix seconds; 0 = no expiry
   parent:     content-id?        ; the grant this was attenuated from
   delegate_depth: uint?          ; further hops permitted; absent = unlimited, 0 = leaf-only (§4.4)
@@ -303,6 +304,76 @@ cannot be shown to narrow without a rate) MUST be refused. A plain attenuation
 that names no money ceiling **inherits** the parent's unchanged — it is never
 silently dropped, which would amplify. Conformance class **C22**.
 
+### 4.9 Caveats: the open attenuation axis (OPTIONAL)
+
+The axes of §4.1 narrow by set-subtraction — remove actions, lower a ceiling,
+shorten an expiry. They cannot express a condition the issuer did not anticipate.
+A grant MAY therefore carry **caveats**: conditions embedded *inside* the signed
+token that MUST all hold for a decision to be allowed.
+
+The point is that a caveat travels **with the capability**. Any enforcement point
+holding the signed grant checks it offline — no call back to the issuer, no
+service-side policy to consult, no shared configuration. That is what
+distinguishes a caveat from a policy engine: policy is something the verifier
+must be told; a caveat is something the token carries.
+
+A conforming implementation MUST support:
+
+```
+ActionIn([string])    ; the action must be in this set — MAY narrow below the capability
+PayloadIs(content-id) ; the frame's payload must be exactly this — a ONE-SHOT binding
+CallerIs(did:key)     ; the caller must be this principal
+NotBefore(uint)       ; unix seconds
+NotAfter(uint)        ; unix seconds — a window narrower than `expiry`
+MaxCostUj(uint)       ; a ceiling on ONE invocation, distinct from the cumulative budget
+```
+
+Every predicate ranges only over what an enforcement point holds when it decides:
+the frame, the caller, the clock, and the metered cost. There is deliberately **no
+content predicate** — the runtime sees a frame's `payload_hash`, never its bytes —
+so a condition on content is expressible only as `PayloadIs`, binding an exact
+payload rather than inspecting it. An implementation MUST NOT invent a predicate
+that requires data the decision point does not have.
+
+Two of these express authority the fixed axes cannot. `PayloadIs` makes a grant
+**one-shot**: it authorizes one specific call, so a leaked grant cannot be
+replayed against different arguments. `MaxCostUj` bounds a **single invocation**,
+where `budget_uj` bounds the cumulative total — so a delegate cannot spend an
+entire remaining budget in one call.
+
+**The metered path (REQUIRED).** A caveat whose predicate ranges over the
+invocation's cost — `MaxCostUj` — cannot be evaluated in the two-phase metered
+flow at authorization time, because the cost is not yet known. Such a caveat MUST
+be enforced at the **debit point** instead, and an implementation MUST NOT report
+a grant as authorized in a way that implies a cost-dependent caveat has passed.
+Every cost-independent caveat MUST be enforced in both phases.
+
+When a measured cost breaches a cost-dependent caveat at the debit point, the
+work has already run and the joules are real: the implementation MUST still debit
+them — energy that was spent is always accounted — and MUST record the breach in
+the verdict, so the sealed receipt is evidence of it. Debiting silently, or
+suppressing the debit to make the record look clean, are both non-conforming.
+
+**Attenuation (REQUIRED).** Caveats only accumulate. A child MUST carry every
+caveat of its parent; a plain attenuation inherits them unchanged, and a
+caveat-adding attenuation appends. Dropping an inherited caveat is an
+amplification and MUST be refused.
+
+Caveats compare by **exact identity**, not by an ordering over their parameters:
+a child retains a parent's caveat only by carrying that identical caveat. There is
+deliberately no notion of "a tighter `MaxCostUj` supersedes a looser one" — such
+an ordering would have to be defined per variant, and a verifier that got it
+wrong would silently widen authority. A delegator that wants a tighter bound adds
+it **alongside** the inherited one; since all caveats must hold, the tighter of
+the two governs. This is the conservative reading: it can never widen, and it may
+be relaxed later without breaking existing grants, whereas the reverse is not
+true. A decision whose grant carries an unsatisfied
+caveat is denied `caveat-unsatisfied`, sealed like any other denial.
+
+An empty caveat set is omitted from the canonical encoding, so a grant without
+caveats is byte-identical to one minted before they existed — its content id and
+signature are unchanged. Conformance class **C24**.
+
 ## 5. Energy (REQUIRED)
 
 Every metered cost is integer microjoules with a provenance tag: `HwShunt`
@@ -555,4 +626,5 @@ gate.
 - **C20 — standing grants:** an event-triggered firing mints a strictly-weaker child that traces to the standing grant; the wrong event class, an exhausted firing count, and a firing past the cumulative budget are each refused without advancing the ledger; a policy that would amplify its grant is refused at author time.
 - **C21 — checkpoints + amendments:** an agent checkpoints its own state; only the grant's issuer — a principal distinct from the agent — may amend, only to tighten; an agent steering itself, a non-issuer amending, a widening amendment, and an amendment bound to a different checkpoint are each refused.
 - **C23 — receipt binds its payload + profile migration:** a `jcp/2` receipt commits the `payload_hash` it decided over; substituting only the payload (same grant, action, and cost) fails verification — the forgery a payload-blind receipt could not detect; and receipts published under `jcp/1` still verify, because the verifier recomputes the preimage under the profile the receipt names rather than assuming one.
+- **C24 — caveats:** a caveat embedded in the grant is enforced offline by the decision point; `PayloadIs` makes a grant one-shot (a replay with different arguments is denied `caveat-unsatisfied`); `MaxCostUj` bounds a single invocation independently of the cumulative budget; a caveat may narrow below the capability; attenuation inherits every parent caveat and refuses to drop one; and a grant with no caveats encodes byte-identically to one minted before they existed.
 - **C22 — dual ceilings:** a money ceiling beside the joule ceiling is enforced independently — the first to bind denies (`funds-exceeded` / `budget-exceeded`), a foreign-currency cost is refused `currency-mismatch` rather than converted, an allow debits both dimensions and a deny debits neither, and an absent money ceiling encodes byte-identically to a joules-only grant (so its content id and signature are unchanged). Attenuation narrows money independently: dropping, raising, or re-denominating a bounded parent's ceiling is refused; a plain attenuation inherits it.
diff --git a/jcp/jcp-rs/crates/jcp-a2a/src/lib.rs b/jcp/jcp-rs/crates/jcp-a2a/src/lib.rs
index c612a129a..dfeafbcf9 100644
--- a/jcp/jcp-rs/crates/jcp-a2a/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-a2a/src/lib.rs
@@ -300,6 +300,7 @@ impl A2aProfile {
                 capability: cap,
                 budget_uj,
                 budget_funds: budget_funds.clone(),
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-bridge/examples/mint_token.rs b/jcp/jcp-rs/crates/jcp-bridge/examples/mint_token.rs
index c64a2a5af..1588b91a8 100644
--- a/jcp/jcp-rs/crates/jcp-bridge/examples/mint_token.rs
+++ b/jcp/jcp-rs/crates/jcp-bridge/examples/mint_token.rs
@@ -17,6 +17,7 @@ fn main() {
         capability: Capability::new(ContentId::of_bytes(b"resource"), ["read", "write"]),
         budget_uj: 5_000_000,
         budget_funds: None,
+        caveats: Vec::new(),
         expiry: 0,
         parent: None,
         delegate_depth: Some(3),
diff --git a/jcp/jcp-rs/crates/jcp-bridge/src/lib.rs b/jcp/jcp-rs/crates/jcp-bridge/src/lib.rs
index 2b34cee7e..65368cd89 100644
--- a/jcp/jcp-rs/crates/jcp-bridge/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-bridge/src/lib.rs
@@ -268,6 +268,7 @@ impl LocalToolGate {
                 budget_uj,
                 // An MCP tool call carries no payment context — joules alone bound it.
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: None,
@@ -366,6 +367,7 @@ mod tests {
             capability: Capability::new(mcp_resource("fs", "read_file"), ["read_file"]),
             budget_uj: 100_000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
@@ -409,6 +411,7 @@ mod tests {
             capability: Capability::new(a2a_resource("planner", "plan"), ["plan"]),
             budget_uj: 10_000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-bridge/src/oauth.rs b/jcp/jcp-rs/crates/jcp-bridge/src/oauth.rs
index fbaf8bca1..4b2f3dff1 100644
--- a/jcp/jcp-rs/crates/jcp-bridge/src/oauth.rs
+++ b/jcp/jcp-rs/crates/jcp-bridge/src/oauth.rs
@@ -271,6 +271,7 @@ mod tests {
             capability: Capability::new(resource(), ["read", "write"]),
             budget_uj: 5_000_000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: Some(3),
diff --git a/jcp/jcp-rs/crates/jcp-channel/src/lib.rs b/jcp/jcp-rs/crates/jcp-channel/src/lib.rs
index dabd92cbb..f78936958 100644
--- a/jcp/jcp-rs/crates/jcp-channel/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-channel/src/lib.rs
@@ -185,6 +185,7 @@ mod tests {
                 capability: Capability::new(r, ["read"]),
                 budget_uj: 10_000,
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-cli/src/main.rs b/jcp/jcp-rs/crates/jcp-cli/src/main.rs
index a43ff097f..c2e88f69c 100644
--- a/jcp/jcp-rs/crates/jcp-cli/src/main.rs
+++ b/jcp/jcp-rs/crates/jcp-cli/src/main.rs
@@ -34,6 +34,7 @@ fn main() {
         capability: Capability::new(db, ["read"]),
         budget_uj: 100_000,
         budget_funds: None,
+        caveats: Vec::new(),
         expiry: 0,
         parent: None,
         delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-conformance/src/bin/gen_vectors.rs b/jcp/jcp-rs/crates/jcp-conformance/src/bin/gen_vectors.rs
index a62d22f24..a7d1c4808 100644
--- a/jcp/jcp-rs/crates/jcp-conformance/src/bin/gen_vectors.rs
+++ b/jcp/jcp-rs/crates/jcp-conformance/src/bin/gen_vectors.rs
@@ -27,6 +27,7 @@ fn main() {
         capability: Capability::new(resource, ["read"]),
         budget_uj: 100,
         budget_funds: None,
+        caveats: Vec::new(),
         expiry: 0,
         parent: None,
         delegate_depth: None,
@@ -83,6 +84,7 @@ fn main() {
         capability: standing_cap,
         budget_uj: 1_000,
         budget_funds: None,
+        caveats: Vec::new(),
         expiry: 0,
         parent: None,
         delegate_depth: None,
@@ -100,7 +102,7 @@ fn main() {
         issuer: Did::from_verifying_key(&issuer.verifying_key()),
         subject: agent_did,
         capability: Capability::new(resource, ["read", "write"]),
-        budget_uj: 1_000, expiry: 0, parent: None, delegate_depth: None, nonce: [6; 16], budget_funds: None,
+        budget_uj: 1_000, expiry: 0, parent: None, delegate_depth: None, nonce: [6; 16], budget_funds: None, caveats: Vec::new(),
     }).expect("run grant");
     let cp = checkpoint(&agent, &run_grant, ContentId::of_bytes(b"state-1"), 0, [7; 16]).expect("cp");
     let am = amend(&issuer, &run_grant, &cp, 400, Some(ContentId::of_bytes(b"instr")), [8; 16]).expect("amend");
@@ -129,6 +131,7 @@ fn main() {
         capability: Capability::new(resource, ["read"]),
         budget_uj: 1_000_000,
         budget_funds: Some(Funds::new("USD", 500)),
+        caveats: Vec::new(),
         expiry: 0,
         parent: None,
         delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-conformance/src/lib.rs b/jcp/jcp-rs/crates/jcp-conformance/src/lib.rs
index 1871bd809..be73a049c 100644
--- a/jcp/jcp-rs/crates/jcp-conformance/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-conformance/src/lib.rs
@@ -27,11 +27,11 @@
 //!   the precise reason; canonical CBOR rejects floats/bools.
 
 use ed25519_dalek::SigningKey;
-use jcp_grant::{attenuate, attenuate_priced, issue, revoke, verify as verify_grant, verify_chain, GrantError};
+use jcp_grant::{attenuate, attenuate_priced, caveats_narrow, issue, revoke, verify as verify_grant, verify_chain, GrantError};
 use jcp_runtime::{Price, Runtime};
 use jcp_schema::{
     canonical_cbor, from_canonical_cbor, Capability, ContentId, DenyReason, Did, Energy, Frame,
-    FrameKind, Funds, Grant, SignedGrant, Trust, Verdict,
+    Caveat, FrameKind, Funds, Grant, SignedGrant, Trust, Verdict,
 };
 
 /// A single conformance check.
@@ -65,6 +65,7 @@ pub fn checks() -> Vec<Check> {
         Check { id: "C21 checkpoint + amendment under separation of duties", run: c21_checkpoint },
         Check { id: "C22 dual ceilings: money beside joules, no rate invented", run: c22_dual_ceilings },
         Check { id: "C23 receipt binds its payload + jcp/1 still verifies", run: c23_payload_binding },
+        Check { id: "C24 caveats: one-shot, per-call cost, monotone attenuation", run: c24_caveats },
         Check { id: "C-neg expired / forged / wrong-caller", run: cneg_denials },
         Check { id: "C-neg canonical rejects floats", run: cneg_canonical },
     ]
@@ -84,6 +85,7 @@ fn grant(issuer: &SigningKey, holder: Did, resource: ContentId, actions: &[&str]
         capability: Capability::new(resource, actions.iter().copied()),
         budget_uj: budget,
         budget_funds: None,
+        caveats: Vec::new(),
         expiry,
         parent: None,
         delegate_depth: None,
@@ -291,6 +293,78 @@ fn c23_payload_binding() -> Result<(), String> {
     Ok(())
 }
 
+/// C24 — caveats (SPEC §4.9): conditions carried inside the grant, checked
+/// offline by the decision point, accumulating monotonically down a chain.
+fn c24_caveats() -> Result<(), String> {
+    let r = ContentId::of_bytes(b"db");
+    let holder = did(&sk(2));
+    let intended = ContentId::of_bytes(b"approved-args");
+
+    let mut g = grant(&sk(1), holder, r, &["read", "write"], 1_000_000, 0).grant;
+    g.caveats = vec![Caveat::PayloadIs(intended), Caveat::MaxCostUj(500)];
+    let sg = issue(&sk(1), g).map_err(|e| e.to_string())?;
+    let mut rt = Runtime::new();
+
+    // The authorized call: right payload, within the per-call cap.
+    let mut ok = frame(&sg, r, "read", Trust::Control);
+    ok.payload_hash = intended;
+    if !rt.decide(&ok, &sg, holder, Energy::measured(100), 10).is_allow() {
+        return Err("the caveat-satisfying call was denied".into());
+    }
+
+    // One-shot: same grant, same action, different arguments → refused.
+    let mut replay = frame(&sg, r, "read", Trust::Control);
+    replay.payload_hash = ContentId::of_bytes(b"attacker-args");
+    if rt.decide(&replay, &sg, holder, Energy::measured(1), 10).verdict
+        != Verdict::Deny(DenyReason::CaveatUnsatisfied)
+    {
+        return Err("a replay with different arguments was not denied".into());
+    }
+
+    // Per-call ceiling bites even though the cumulative budget has ample room.
+    if rt.decide(&ok, &sg, holder, Energy::measured(900), 10).verdict
+        != Verdict::Deny(DenyReason::CaveatUnsatisfied)
+    {
+        return Err("MaxCostUj did not bound a single invocation".into());
+    }
+
+    // The metered path: a cost-dependent caveat cannot bind at authorize (the
+    // cost is unknown), so it binds at the debit point — and the joules are
+    // still accounted, because they were really spent.
+    let mut rt2 = Runtime::new();
+    if !rt2.authorize(&ok, &sg, holder, 10).is_allow() {
+        return Err("authorize failed a caveat it cannot evaluate".into());
+    }
+    if rt2.spent(&sg.grant.id()) != 0 {
+        return Err("authorize debited".into());
+    }
+    let charged = rt2.charge(&sg.grant, Energy::measured(900));
+    if charged.verdict != Verdict::Deny(DenyReason::CaveatUnsatisfied) {
+        return Err("a cost-dependent caveat did not bind at the debit point".into());
+    }
+    if rt2.spent(&sg.grant.id()) != 900 {
+        return Err("spent joules were hidden after a caveat breach".into());
+    }
+
+    // Attenuation inherits every parent caveat, and dropping one is refused.
+    let child = attenuate(&sg, &sk(2), did(&sk(3)), Capability::new(r, ["read"]), 1_000, 0, [4; 16])
+        .map_err(|e| e.to_string())?;
+    if !caveats_narrow(&sg.grant.caveats, &child.grant.caveats) {
+        return Err("a plain attenuation dropped a parent caveat".into());
+    }
+    if caveats_narrow(&sg.grant.caveats, &[]) {
+        return Err("clearing caveats counted as narrowing".into());
+    }
+
+    // No caveats ⇒ the field is absent from the encoding entirely.
+    let plain = grant(&sk(1), holder, r, &["read"], 100, 0);
+    let bytes = canonical_cbor(&plain.grant).map_err(|e| e.to_string())?;
+    if String::from_utf8_lossy(&bytes).contains("caveats") {
+        return Err("an empty caveat set must not appear in the encoding".into());
+    }
+    Ok(())
+}
+
 fn c3_budget() -> Result<(), String> {
     let r = ContentId::of_bytes(b"db");
     let holder = did(&sk(2));
@@ -482,6 +556,7 @@ fn c10_delegation_control() -> Result<(), String> {
         capability: Capability::new(r, ["read"]),
         budget_uj: 1000,
         budget_funds: None,
+        caveats: Vec::new(),
         expiry: 0,
         parent: None,
         delegate_depth: Some(1),
diff --git a/jcp/jcp-rs/crates/jcp-gateway/src/lib.rs b/jcp/jcp-rs/crates/jcp-gateway/src/lib.rs
index 1920c23c4..df97b91e9 100644
--- a/jcp/jcp-rs/crates/jcp-gateway/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-gateway/src/lib.rs
@@ -87,6 +87,7 @@ impl Gateway {
                 capability: Capability::new(mcp_resource(server, tool), [*tool]),
                 budget_uj: *budget,
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-grant/src/checkpoint.rs b/jcp/jcp-rs/crates/jcp-grant/src/checkpoint.rs
index fc540cd81..732341688 100644
--- a/jcp/jcp-rs/crates/jcp-grant/src/checkpoint.rs
+++ b/jcp/jcp-rs/crates/jcp-grant/src/checkpoint.rs
@@ -231,6 +231,7 @@ pub fn apply_amendment(
         capability: grant.grant.capability.clone(),
         budget_uj: sa.amendment.new_budget_uj,
         budget_funds: None,
+        caveats: Vec::new(),
         expiry: grant.grant.expiry,
         parent: Some(grant.grant.id()),
         delegate_depth: grant.grant.delegate_depth,
@@ -259,6 +260,7 @@ mod tests {
             capability: cap,
             budget_uj: 1_000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
@@ -304,7 +306,7 @@ mod tests {
         let cap = Capability::new(ContentId::of_bytes(b"t"), ["read"]);
         let self_grant = Grant {
             issuer: did(&agent), subject: did(&agent), capability: cap,
-            budget_uj: 1_000, expiry: 0, parent: None, delegate_depth: None, nonce: [0u8; 16], budget_funds: None,
+            budget_uj: 1_000, expiry: 0, parent: None, delegate_depth: None, nonce: [0u8; 16], budget_funds: None, caveats: Vec::new(),
         };
         let g = issue(&agent, self_grant).unwrap();
         let cp = checkpoint(&agent, &g, ContentId::of_bytes(b"s"), 0, [1u8; 16]).unwrap();
diff --git a/jcp/jcp-rs/crates/jcp-grant/src/lib.rs b/jcp/jcp-rs/crates/jcp-grant/src/lib.rs
index 0cd37cf1f..aaa96af75 100644
--- a/jcp/jcp-rs/crates/jcp-grant/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-grant/src/lib.rs
@@ -14,7 +14,7 @@ use std::collections::HashSet;
 
 use ed25519_dalek::{Signature, Signer, SigningKey, Verifier};
 use jcp_schema::{
-    canonical_cbor, Capability, ContentId, Did, Funds, Grant, KeyEvent, Revocation, SchemaError,
+    canonical_cbor, Capability, Caveat, ContentId, Did, Funds, Grant, KeyEvent, Revocation, SchemaError,
     SignedGrant, SignedKeyEvent, SignedRevocation,
 };
 
@@ -109,6 +109,10 @@ pub fn attenuate(
         subject: to_subject,
         capability,
         budget_uj,
+        // Caveats are INHERITED wholesale (§4.9). A child carries every one of
+        // its parent's; `attenuate_caveated` is the path that adds more. Losing
+        // one here would silently widen a delegate's authority.
+        caveats: p.caveats.clone(),
         // The money ceiling is INHERITED, never dropped. Defaulting this to
         // `None` would silently hand a child unbounded spending authority where
         // its parent was bounded — an amplification, and precisely the bug a
@@ -165,6 +169,44 @@ pub fn attenuate_priced(
     issue(delegator_sk, sg.grant)
 }
 
+/// Whether a child's caveat set is no weaker than its parent's — it must retain
+/// every parent caveat. Adding more only narrows (SPEC §4.9).
+pub fn caveats_narrow(parent: &[Caveat], child: &[Caveat]) -> bool {
+    parent.iter().all(|c| child.contains(c))
+}
+
+/// Attenuate while **adding** caveats — the open attenuation axis (SPEC §4.9).
+///
+/// The child keeps every caveat of its parent and gains `add`, so authority
+/// narrows monotonically: a delegate can constrain further but never relax what
+/// it was handed. Unlike the fixed axes, the added condition is arbitrary and
+/// travels *inside* the signed grant, so any verifier checks it offline.
+#[allow(clippy::too_many_arguments)]
+pub fn attenuate_caveated(
+    parent: &SignedGrant,
+    delegator_sk: &SigningKey,
+    to_subject: Did,
+    capability: Capability,
+    budget_uj: u64,
+    add: Vec<Caveat>,
+    expiry: u64,
+    nonce: [u8; 16],
+) -> Result<SignedGrant, GrantError> {
+    let mut sg = attenuate(parent, delegator_sk, to_subject, capability, budget_uj, expiry, nonce)?;
+    // `attenuate` already inherited the parent's caveats; append the new ones,
+    // skipping duplicates so the set stays canonical.
+    for c in add {
+        if !sg.grant.caveats.contains(&c) {
+            sg.grant.caveats.push(c);
+        }
+    }
+    // Belt and braces: the result must still be no weaker than the parent.
+    if !caveats_narrow(&parent.grant.caveats, &sg.grant.caveats) {
+        return Err(GrantError::Amplifies("caveats weaker than parent"));
+    }
+    issue(delegator_sk, sg.grant)
+}
+
 /// Split a grant into sibling shards for **distributed enforcement points**
 /// (SPEC §4.5). Each shard is an ordinary attenuated child; the helper's value
 /// is the conservation check at mint time: **the shard budgets must sum to no
@@ -454,6 +496,7 @@ mod tests {
             capability: Capability::new(ContentId::of_bytes(b"db"), ["read", "write"]),
             budget_uj: 10_000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 1000,
             parent: None,
             delegate_depth: None,
@@ -540,6 +583,7 @@ mod tests {
             capability: Capability::new(ContentId::of_bytes(b"db"), ["read"]),
             budget_uj: 1,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
@@ -576,6 +620,62 @@ mod tests {
         assert_eq!(child.grant.parent, Some(parent.grant.id()));
     }
 
+    /// Caveats are inherited by a plain attenuation — never silently dropped,
+    /// which would widen the delegate's authority.
+    #[test]
+    fn attenuate_inherits_caveats() {
+        let issuer = sk(1);
+        let holder = sk(2);
+        let mut g = root(&issuer, did(&holder)).grant;
+        g.caveats = vec![Caveat::MaxCostUj(500)];
+        let parent = issue(&issuer, g).unwrap();
+        let child = attenuate(
+            &parent, &holder, did(&sk(3)),
+            Capability::new(ContentId::of_bytes(b"db"), ["read"]), 5_000, 500, [2; 16],
+        )
+        .unwrap();
+        assert_eq!(child.grant.caveats, vec![Caveat::MaxCostUj(500)]);
+    }
+
+    /// The open axis: a delegator ADDS an arbitrary condition the delegate
+    /// cannot remove, and the result still carries the parent's.
+    #[test]
+    fn attenuate_caveated_only_narrows() {
+        let issuer = sk(1);
+        let holder = sk(2);
+        let r = ContentId::of_bytes(b"db");
+        let mut g = root(&issuer, did(&holder)).grant;
+        g.caveats = vec![Caveat::MaxCostUj(500)];
+        let parent = issue(&issuer, g).unwrap();
+
+        let child = attenuate_caveated(
+            &parent, &holder, did(&sk(3)), Capability::new(r, ["read"]),
+            5_000, vec![Caveat::PayloadIs(ContentId::of_bytes(b"one-shot"))], 500, [2; 16],
+        )
+        .unwrap();
+        assert!(verify(&child).is_ok());
+        // Keeps the parent's AND gains the new one.
+        assert!(child.grant.caveats.contains(&Caveat::MaxCostUj(500)));
+        assert!(child.grant.caveats.contains(&Caveat::PayloadIs(ContentId::of_bytes(b"one-shot"))));
+        assert!(caveats_narrow(&parent.grant.caveats, &child.grant.caveats));
+
+        // Adding a duplicate does not grow the set.
+        let twice = attenuate_caveated(
+            &parent, &holder, did(&sk(3)), Capability::new(r, ["read"]),
+            5_000, vec![Caveat::MaxCostUj(500)], 500, [3; 16],
+        )
+        .unwrap();
+        assert_eq!(twice.grant.caveats.len(), 1);
+    }
+
+    #[test]
+    fn caveats_narrow_rejects_a_dropped_condition() {
+        let parent = vec![Caveat::MaxCostUj(500), Caveat::NotAfter(900)];
+        assert!(caveats_narrow(&parent, &[Caveat::MaxCostUj(500), Caveat::NotAfter(900), Caveat::CallerIs(did(&sk(4)))]));
+        assert!(!caveats_narrow(&parent, &[Caveat::MaxCostUj(500)]), "dropping a parent caveat must not count as narrowing");
+        assert!(!caveats_narrow(&parent, &[]), "clearing caveats must not count as narrowing");
+    }
+
     #[test]
     fn attenuation_cannot_amplify() {
         let issuer = sk(1);
@@ -687,6 +787,7 @@ mod tests {
                 capability: Capability::new(r, ["read"]),
                 budget_uj: 1000,
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: Some(1),
@@ -710,6 +811,7 @@ mod tests {
                 capability: Capability::new(r, ["read"]),
                 budget_uj: 100,
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: Some(child.grant.id()),
                 delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-grant/src/standing.rs b/jcp/jcp-rs/crates/jcp-grant/src/standing.rs
index b5e28f65c..0e77c887e 100644
--- a/jcp/jcp-rs/crates/jcp-grant/src/standing.rs
+++ b/jcp/jcp-rs/crates/jcp-grant/src/standing.rs
@@ -213,6 +213,7 @@ mod tests {
             capability: cap.clone(),
             budget_uj: 1_000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
@@ -297,7 +298,7 @@ mod tests {
         let cap = Capability::new(ContentId::of_bytes(b"r"), ["read"]);
         let grant = Grant {
             issuer: did(&issuer), subject: did(&issuer), capability: cap.clone(),
-            budget_uj: 250, expiry: 0, parent: None, delegate_depth: None, nonce: [0u8; 16], budget_funds: None,
+            budget_uj: 250, expiry: 0, parent: None, delegate_depth: None, nonce: [0u8; 16], budget_funds: None, caveats: Vec::new(),
         };
         let sg = crate::issue(&issuer, grant).unwrap();
         let policy = issue_policy(
@@ -320,7 +321,7 @@ mod tests {
         let cap = Capability::new(ContentId::of_bytes(b"r"), ["read"]);
         let grant = Grant {
             issuer: did(&issuer), subject: did(&issuer), capability: cap.clone(),
-            budget_uj: 100, expiry: 0, parent: None, delegate_depth: None, nonce: [0u8; 16], budget_funds: None,
+            budget_uj: 100, expiry: 0, parent: None, delegate_depth: None, nonce: [0u8; 16], budget_funds: None, caveats: Vec::new(),
         };
         let sg = crate::issue(&issuer, grant).unwrap();
         // per-fire budget over the grant's ceiling is refused at author time.
diff --git a/jcp/jcp-rs/crates/jcp-orchestrate/src/lib.rs b/jcp/jcp-rs/crates/jcp-orchestrate/src/lib.rs
index ec6fb401b..b9c29d64e 100644
--- a/jcp/jcp-rs/crates/jcp-orchestrate/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-orchestrate/src/lib.rs
@@ -228,6 +228,7 @@ impl Orchestrator {
             capability: Capability::new(harness_resource(&id), kinds.iter().copied()),
             budget_uj,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-receipt/src/lib.rs b/jcp/jcp-rs/crates/jcp-receipt/src/lib.rs
index 0b4d63d7c..ad74ca5d1 100644
--- a/jcp/jcp-rs/crates/jcp-receipt/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-receipt/src/lib.rs
@@ -479,6 +479,7 @@ mod tests {
             capability: Capability::new(resource, ["read"]),
             budget_uj: 100,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
@@ -511,6 +512,7 @@ mod tests {
             capability: Capability::new(resource, ["read"]),
             budget_uj: 100,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
@@ -601,6 +603,7 @@ mod tests {
             capability: Capability::new(resource, ["read"]),
             budget_uj: 1000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-runtime/src/lib.rs b/jcp/jcp-rs/crates/jcp-runtime/src/lib.rs
index 81629633c..a4ed25d34 100644
--- a/jcp/jcp-rs/crates/jcp-runtime/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-runtime/src/lib.rs
@@ -67,6 +67,31 @@ pub struct Runtime {
     trust_roots: HashMap<ContentId, Vec<Did>>,
 }
 
+
+/// Whether every caveat carried inside the grant holds (SPEC §4.9).
+///
+/// `cost_uj` is `None` in the two-phase metered path ([`Runtime::authorize`]),
+/// where the true cost is not yet known: cost-dependent caveats are skipped
+/// there and bind later at [`Runtime::decide`] time. Every other caveat is
+/// enforced in both paths.
+fn caveats_unsatisfied(
+    g: &jcp_schema::Grant,
+    frame: &Frame,
+    caller: Did,
+    cost_uj: Option<u64>,
+    now: u64,
+) -> Option<DenyReason> {
+    for c in &g.caveats {
+        if c.is_cost_dependent() && cost_uj.is_none() {
+            continue; // not yet knowable; binds at decide time
+        }
+        if !c.holds(frame, caller, cost_uj.unwrap_or(0), now) {
+            return Some(DenyReason::CaveatUnsatisfied);
+        }
+    }
+    None
+}
+
 impl Runtime {
     pub fn new() -> Self {
         Self::default()
@@ -118,6 +143,10 @@ impl Runtime {
         if let Some(r) = self.check(frame, sg, caller, now) {
             return deny(r);
         }
+        // 6b. Caveats (§4.9).
+        if let Some(r) = caveats_unsatisfied(g, frame, caller, Some(cost.uj()), now) {
+            return deny(r);
+        }
 
         // 7. The JOULE ceiling. Checked first so that when both would bind, the
         //    receipt names energy — JCP's primary dimension.
@@ -216,6 +245,10 @@ impl Runtime {
         if let Some(r) = self.check(frame, sg, caller, now) {
             return deny(r);
         }
+        // 6b. Caveats carried inside the grant (§4.9) — the open attenuation axis.
+        if let Some(r) = caveats_unsatisfied(g, frame, caller, Some(cost.uj()), now) {
+            return deny(r);
+        }
         // 7. Budget: prior spend + this cost must not exceed the ceiling.
         let spent = self.spent(&gid);
         let c = cost.uj();
@@ -288,7 +321,9 @@ impl Runtime {
         let g = &sg.grant;
         let gid = g.id();
         let remaining = g.budget_uj.saturating_sub(self.spent(&gid));
-        if let Some(r) = self.check(frame, sg, caller, now) {
+        if let Some(r) = self.check(frame, sg, caller, now)
+            .or_else(|| caveats_unsatisfied(g, frame, caller, None, now))
+        {
             return Decision {
                 verdict: Verdict::Deny(r),
                 cost: Energy::measured(0),
@@ -322,8 +357,16 @@ impl Runtime {
         let debited = measured.uj().min(grant.budget_uj.saturating_sub(spent));
         let new_spent = spent + debited;
         self.spent_uj.insert(gid, new_spent);
+        // Cost-dependent caveats (§4.9) could not be evaluated at `authorize` —
+        // the cost was unknown there. They bind HERE. The work has already run
+        // and the joules are real, so the debit stands either way: what the
+        // breach changes is the VERDICT, so the sealed receipt is evidence that
+        // the invocation exceeded its authorized per-call ceiling rather than
+        // silently absorbing it. Hiding the breach would be the dishonest move,
+        // exactly as capping-without-recording would be for a budget overrun.
+        let breached = grant.caveats.iter().any(|c| c.cost_breached(measured.uj()));
         Decision {
-            verdict: Verdict::Allow,
+            verdict: if breached { Verdict::Deny(DenyReason::CaveatUnsatisfied) } else { Verdict::Allow },
             cost: measured,
             budget_remaining_uj: grant.budget_uj - new_spent,
         }
@@ -428,7 +471,7 @@ impl Runtime {
 mod tests {
     use super::*;
     use ed25519_dalek::SigningKey;
-    use jcp_schema::Funds;
+    use jcp_schema::{Caveat, Funds};
     use jcp_grant::issue;
     use jcp_schema::{Capability, FrameKind, Grant};
 
@@ -449,6 +492,7 @@ mod tests {
             capability: Capability::new(resource, ["read"]),
             budget_uj: 100,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 1000,
             parent: None,
             delegate_depth: None,
@@ -535,6 +579,7 @@ mod tests {
             capability: Capability::new(resource, ["read"]),
             budget_uj,
             budget_funds: Some(Funds::new("USD", minor)),
+            caveats: Vec::new(),
             expiry: 1000,
             parent: None,
             delegate_depth: None,
@@ -617,6 +662,142 @@ mod tests {
         assert_eq!(rt.spent_minor(&sg.grant.id()), 0); // nothing tracked
     }
 
+    fn caveated(cavs: Vec<Caveat>) -> (SignedGrant, Did, ContentId) {
+        let issuer = sk(1);
+        let holder = sk(2);
+        let resource = ContentId::of_bytes(b"db");
+        let g = Grant {
+            issuer: did(&issuer),
+            subject: did(&holder),
+            capability: Capability::new(resource, ["read", "write"]),
+            budget_uj: 1_000_000,
+            budget_funds: None,
+            caveats: cavs,
+            expiry: 0,
+            parent: None,
+            delegate_depth: None,
+            nonce: [0; 16],
+        };
+        (issue(&issuer, g).unwrap(), did(&holder), resource)
+    }
+
+    /// A one-shot grant: bound to an exact payload, so a leaked grant cannot be
+    /// replayed against different arguments. This is the capability the fixed
+    /// axes cannot express — `capability` narrows to an ACTION, never to a call.
+    #[test]
+    fn payload_is_makes_a_grant_one_shot() {
+        let intended = ContentId::of_bytes(b"the-approved-args");
+        let (sg, holder, r) = caveated(vec![Caveat::PayloadIs(intended)]);
+        let mut rt = Runtime::new();
+
+        let mut f = frame(&sg, r, "read", Trust::Control);
+        f.payload_hash = intended;
+        assert!(rt.decide(&f, &sg, holder, Energy::measured(1), 10).is_allow());
+
+        // Same grant, same action, different arguments → refused.
+        let mut replay = frame(&sg, r, "read", Trust::Control);
+        replay.payload_hash = ContentId::of_bytes(b"attacker-args");
+        let d = rt.decide(&replay, &sg, holder, Energy::measured(1), 10);
+        assert_eq!(d.verdict, Verdict::Deny(DenyReason::CaveatUnsatisfied));
+    }
+
+    /// A per-invocation ceiling, distinct from the cumulative budget: a delegate
+    /// cannot burn the whole remaining budget in one call.
+    #[test]
+    fn max_cost_bounds_a_single_call_not_the_total() {
+        let (sg, holder, r) = caveated(vec![Caveat::MaxCostUj(500)]);
+        let mut rt = Runtime::new();
+        let f = frame(&sg, r, "read", Trust::Control);
+        // Well within the 1_000_000 cumulative budget, but over the per-call cap.
+        let d = rt.decide(&f, &sg, holder, Energy::measured(900), 10);
+        assert_eq!(d.verdict, Verdict::Deny(DenyReason::CaveatUnsatisfied));
+        assert_eq!(rt.spent(&sg.grant.id()), 0);
+        // Under the cap → allowed, and repeatable.
+        assert!(rt.decide(&f, &sg, holder, Energy::measured(400), 10).is_allow());
+        assert!(rt.decide(&f, &sg, holder, Energy::measured(400), 10).is_allow());
+        assert_eq!(rt.spent(&sg.grant.id()), 800);
+    }
+
+    #[test]
+    fn time_window_and_action_and_caller_caveats_bind() {
+        let (sg, holder, r) = caveated(vec![Caveat::NotBefore(100), Caveat::NotAfter(200)]);
+        let mut rt = Runtime::new();
+        let f = frame(&sg, r, "read", Trust::Control);
+        assert!(rt.decide(&f, &sg, holder, Energy::measured(1), 50).verdict != Verdict::Allow);
+        assert!(rt.decide(&f, &sg, holder, Energy::measured(1), 150).is_allow());
+        assert!(rt.decide(&f, &sg, holder, Energy::measured(1), 250).verdict != Verdict::Allow);
+
+        // ActionIn narrows BELOW the capability, which permits read+write.
+        let (sg2, holder2, r2) = caveated(vec![Caveat::ActionIn(vec!["read".into()])]);
+        let mut rt2 = Runtime::new();
+        let w = frame(&sg2, r2, "write", Trust::Control);
+        assert_eq!(
+            rt2.decide(&w, &sg2, holder2, Energy::measured(1), 10).verdict,
+            Verdict::Deny(DenyReason::CaveatUnsatisfied),
+            "a caveat must be able to narrow below the capability"
+        );
+
+        // CallerIs pins the principal.
+        let (sg3, _h3, r3) = caveated(vec![Caveat::CallerIs(did(&sk(9)))]);
+        let mut rt3 = Runtime::new();
+        let f3 = frame(&sg3, r3, "read", Trust::Control);
+        assert_eq!(
+            rt3.decide(&f3, &sg3, did(&sk(2)), Energy::measured(1), 10).verdict,
+            Verdict::Deny(DenyReason::CaveatUnsatisfied)
+        );
+    }
+
+    /// A grant with no caveats must behave exactly as before — the field is
+    /// absent from the encoding, so identity and signature are unchanged.
+    #[test]
+    fn no_caveats_is_byte_identical_and_unaffected() {
+        let (plain, holder, r) = setup();
+        let bytes = jcp_schema::canonical_cbor(&plain.grant).unwrap();
+        assert!(!String::from_utf8_lossy(&bytes).contains("caveats"));
+        let mut rt = Runtime::new();
+        assert!(rt.decide(&frame(&plain, r, "read", Trust::Control), &plain, holder, Energy::measured(1), 10).is_allow());
+    }
+
+    /// The two-phase metered path: a cost-dependent caveat is unevaluable at
+    /// authorize (the cost is unknown), so it MUST bind at the debit point —
+    /// and the joules are still debited, because they were really spent.
+    #[test]
+    fn cost_caveat_binds_at_the_debit_point() {
+        let (sg, holder, r) = caveated(vec![Caveat::MaxCostUj(500)]);
+        let mut rt = Runtime::new();
+        let f = frame(&sg, r, "read", Trust::Control);
+
+        // Phase one: authorize cannot know the cost, so it does not pretend to.
+        let a = rt.authorize(&f, &sg, holder, 10);
+        assert!(a.is_allow(), "authorize must not fail a caveat it cannot evaluate");
+        assert_eq!(rt.spent(&sg.grant.id()), 0, "authorize never debits");
+
+        // Phase two: the measured cost breaches the per-call ceiling.
+        let d = rt.charge(&sg.grant, Energy::measured(900));
+        assert_eq!(
+            d.verdict,
+            Verdict::Deny(DenyReason::CaveatUnsatisfied),
+            "a cost-dependent caveat must bind at the debit point"
+        );
+        // …and the energy is STILL accounted: it was really consumed.
+        assert_eq!(rt.spent(&sg.grant.id()), 900, "spent joules must never be hidden");
+
+        // Within the ceiling, charge allows and debits normally.
+        let d2 = rt.charge(&sg.grant, Energy::measured(100));
+        assert!(d2.is_allow());
+        assert_eq!(rt.spent(&sg.grant.id()), 1_000);
+    }
+
+    /// Cost-INdependent caveats are enforced in both phases, including authorize.
+    #[test]
+    fn cost_independent_caveats_bind_at_authorize() {
+        let (sg, _h, r) = caveated(vec![Caveat::CallerIs(did(&sk(9)))]);
+        let mut rt = Runtime::new();
+        let f = frame(&sg, r, "read", Trust::Control);
+        let a = rt.authorize(&f, &sg, did(&sk(2)), 10);
+        assert_eq!(a.verdict, Verdict::Deny(DenyReason::CaveatUnsatisfied));
+    }
+
     #[test]
     fn expired_grant_denied() {
         let (sg, holder, r) = setup(); // expiry 1000
@@ -664,6 +845,7 @@ mod tests {
                 capability: Capability::new(r, ["read"]),
                 budget_uj: 1000,
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-schema/src/lib.rs b/jcp/jcp-rs/crates/jcp-schema/src/lib.rs
index 11adc0bb1..ee8b811ed 100644
--- a/jcp/jcp-rs/crates/jcp-schema/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-schema/src/lib.rs
@@ -221,6 +221,71 @@ impl Funds {
     }
 }
 
+/// A **caveat** — an extra condition carried *inside* the grant that MUST hold
+/// for a decision to be allowed (SPEC §4.9).
+///
+/// Attenuation's fixed axes (capability, budgets, expiry, depth) narrow by
+/// set-subtraction: they can only remove actions or lower ceilings. A caveat is
+/// the open axis — a delegator embeds an arbitrary condition the delegate cannot
+/// remove, and **any** verifier holding the signed grant can check it offline,
+/// with no call back to the issuer and no service-side policy to consult.
+///
+/// Every variant predicates only over what an enforcement point actually holds
+/// when it decides: the frame, the caller, the clock, and the metered cost.
+/// Notably there is **no content predicate** — the runtime sees a frame's
+/// `payload_hash`, never its bytes — so a content condition is expressible only
+/// as [`Caveat::PayloadIs`], binding an exact payload rather than inspecting it.
+#[derive(Clone, Debug, PartialEq, Eq, Serialize, Deserialize)]
+pub enum Caveat {
+    /// The action must be one of these — narrower than the capability's set.
+    ActionIn(Vec<String>),
+    /// The frame's payload must be exactly this content id: a **one-shot**
+    /// binding. The grant authorizes this specific call and nothing else, so a
+    /// leaked grant cannot be replayed against different arguments.
+    PayloadIs(ContentId),
+    /// The caller must be this principal.
+    CallerIs(Did),
+    /// Not valid before this unix second.
+    NotBefore(u64),
+    /// Not valid after this unix second — a window narrower than `expiry`.
+    NotAfter(u64),
+    /// A ceiling on **one invocation's** cost, in µJ. Distinct from the grant's
+    /// `budget_uj`, which is cumulative: this bounds any single call, so a
+    /// delegate cannot spend the whole remaining budget in one shot.
+    MaxCostUj(u64),
+}
+
+impl Caveat {
+    /// Whether this caveat can only be evaluated once the invocation's cost is
+    /// known. Such a caveat is unevaluable in the two-phase metered path at
+    /// authorize time and binds at the debit point instead (SPEC §4.9).
+    pub fn is_cost_dependent(&self) -> bool {
+        matches!(self, Caveat::MaxCostUj(_))
+    }
+
+    /// Whether a cost-dependent caveat is breached by a measured cost. Needs no
+    /// frame or clock, so it is checkable at the debit point.
+    pub fn cost_breached(&self, cost_uj: u64) -> bool {
+        match self {
+            Caveat::MaxCostUj(max) => cost_uj > *max,
+            _ => false,
+        }
+    }
+
+    /// Whether this caveat holds. `cost_uj` is the metered cost of the
+    /// invocation being decided; `now` the enforcement point's clock.
+    pub fn holds(&self, frame: &Frame, caller: Did, cost_uj: u64, now: u64) -> bool {
+        match self {
+            Caveat::ActionIn(set) => set.iter().any(|a| a == &frame.action),
+            Caveat::PayloadIs(id) => *id == frame.payload_hash,
+            Caveat::CallerIs(did) => *did == caller,
+            Caveat::NotBefore(t) => now >= *t,
+            Caveat::NotAfter(t) => now <= *t,
+            Caveat::MaxCostUj(max) => cost_uj <= *max,
+        }
+    }
+}
+
 /// The **metered capability** (SPEC §4) — JCP's central object. A signed,
 /// content-addressed token binding a `subject` to a `capability` *and* a joule
 /// `budget`. A `parent` links it into an attenuation chain (object-capability
@@ -241,6 +306,15 @@ pub struct Grant {
     /// first to bind denies.
     #[serde(skip_serializing_if = "Option::is_none", default)]
     pub budget_funds: Option<Funds>,
+    /// Conditions carried **inside** the grant that MUST all hold (SPEC §4.9).
+    ///
+    /// Empty = no caveats, and the field is omitted from the canonical encoding
+    /// entirely — so a grant without caveats is byte-identical to one minted
+    /// before they existed, and its content id and signature are unchanged.
+    /// Attenuation may only **add** caveats: a child carries every one of its
+    /// parent's, so authority narrows monotonically down a chain.
+    #[serde(skip_serializing_if = "Vec::is_empty", default)]
+    pub caveats: Vec<Caveat>,
     /// Unix seconds after which the grant is invalid; `0` means no expiry.
     pub expiry: u64,
     /// The parent grant this was attenuated from, if any.
@@ -381,6 +455,9 @@ pub enum DenyReason {
     /// `BudgetExceeded` (joules) on purpose: which ceiling bound is exactly
     /// the fact the receipt exists to record.
     FundsExceeded,
+    /// A caveat carried inside the grant did not hold (SPEC §4.9) — the open
+    /// attenuation axis. The label names which kind failed.
+    CaveatUnsatisfied,
     /// A cost was presented in a currency the grant's money ceiling is not
     /// denominated in. JCP invents no exchange rate, so this is a denial rather
     /// than a conversion.
@@ -413,6 +490,7 @@ impl DenyReason {
             DenyReason::BudgetExceeded => "budget-exceeded",
             DenyReason::FundsExceeded => "funds-exceeded",
             DenyReason::CurrencyMismatch => "currency-mismatch",
+            DenyReason::CaveatUnsatisfied => "caveat-unsatisfied",
             DenyReason::UntrustedControl => "untrusted-control",
             DenyReason::AttenuationViolation => "attenuation-violation",
             DenyReason::Revoked => "revoked",
@@ -470,6 +548,7 @@ mod tests {
             capability: Capability::new(ContentId::of_bytes(b"db"), ["read"]),
             budget_uj: 1000,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
@@ -510,6 +589,7 @@ mod tests {
             capability: Capability::new(r, ["read"]),
             budget_uj: 100,
             budget_funds: None,
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-threshold/src/lib.rs b/jcp/jcp-rs/crates/jcp-threshold/src/lib.rs
index 6ce6475b4..2b7e4b181 100644
--- a/jcp/jcp-rs/crates/jcp-threshold/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-threshold/src/lib.rs
@@ -263,6 +263,7 @@ mod tests {
                 capability: Capability::new(r, ["delete"]),
                 budget_uj: 1000,
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-wire/src/lib.rs b/jcp/jcp-rs/crates/jcp-wire/src/lib.rs
index 220d52c53..de4effdc3 100644
--- a/jcp/jcp-rs/crates/jcp-wire/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-wire/src/lib.rs
@@ -306,6 +306,7 @@ mod tests {
                 capability: Capability::new(r, ["read"]),
                 budget_uj: 100_000,
                 budget_funds: None,
+                caveats: Vec::new(),
                 expiry: 0,
                 parent: None,
                 delegate_depth: None,
diff --git a/jcp/jcp-rs/crates/jcp-x402/src/lib.rs b/jcp/jcp-rs/crates/jcp-x402/src/lib.rs
index e60516fe6..ce81d2a53 100644
--- a/jcp/jcp-rs/crates/jcp-x402/src/lib.rs
+++ b/jcp/jcp-rs/crates/jcp-x402/src/lib.rs
@@ -264,6 +264,7 @@ impl X402Profile {
             capability: Capability::new(x402_resource(&network, &pay_to), ["pay"]),
             budget_uj,
             budget_funds: Some(budget_funds),
+            caveats: Vec::new(),
             expiry: 0,
             parent: None,
             delegate_depth: None,