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bilateral contract
(redirected from Bilateral Agreement)

    Also found in: Dictionary/thesaurus, Legal 0.01 sec.
Bilateral Contract
A contract in which each party has obligations to the other. For example, in a contract of sale, one party provides a good or service and the other party provides remuneration in the form of payment. Bilateral contracts are extremely common. See also: Unilateral contract.
bilateral contract

A contract in which each party promises to do something in return for the other's promise. If either party breaks its promise, the other may sue.This is the most common type of contract. A real estate purchase contract is a bilateral contract—the seller promises to sell, and the buyer promises to buy. Contrast with a unilateral contract, in which one party has an obligation but the other does not. Option contracts are unilateral contracts—the seller is obligated to sell if the buyer decides to buy, but the buyer is not obligated to buy at all.
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ISLAMABAD, December 28, 2010 (Frontier Star): Pakistan and Thailand formally affected the transfer of 8 Pakistani prisoners to Pakistan in Bangkok on Tuesday, under the bilateral Agreement on "Cooperation in the Transfer of Offenders and Enforcement of Penal Sentences.
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