bilateral contract

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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.

References in periodicals archive ?
Even before the November elections, there had been noises made both by Democrats and Republicans--including from within the Bush Administration itself--that punishing countries for not signing bilateral agreements is hurting the United States.
But he ruled out the possibility of the bilateral agreement being revised in the wake of a counterproposal for building a ''tentative'' heliport at Camp Schwab.
Once all WTO members have reached separate bilateral agreements with Beijing, a final WTO protocol would be drafted in Geneva and China's entry formalized by a two-thirds majority vote among the WTO's 135 members.
Iraq welcomes the conclusion of another bilateral agreement implementing the Paris Club Agreed Minute.
New Delhi[India], August 1 ( ANI ):India and Somalia on Tuesday signed a bilateral agreement for the transfer of sentenced persons, thus deepening humanitarian cooperation between the two countries.
Today, the Honourable Jean-Yves Duclos, Minister of Families, Children and Social Development, and the Honourable Indira Naidoo-Harris, Minister of the Status of Women and Minister Responsible for Early Years and Child Care, reached a bilateral agreement that reaffirms their commitment to childrens development and future wellbeing and supports the unique early learning and child care needs of Ontario.
So we want [also] to [have] a more substantive bilateral agreement with [European countries], particularly France and Spain,' ACPI President Juan Miguel del Rosario told the Inquirer during the recently concluded launch of ACPI's 10th annual Filipino animation festival 'Animahenasyon 2016' in Makati City.
Riyadh, Rabi'II 25, 1435, Feb 25, 2014, SPA -- The Ministry of Labor today explained that the bilateral agreement signed recently with the Republic of Indonesia is a framework agreement to regulate the domestic laborers recruitment process and that what is required to kick off recruiting Indonesian home laborers is to agree on the articles of a standard contract and procedures of recruitment.
Expansion plans into the highly lucrative Indian market by Air Arabia, flydubai, or any other UAE carrier is dependent on a new bilateral agreement between the UAE and Indian government.
Summary: Muscat: India and Oman air forces are supposedly working on a bilateral agreement on flight .
WASHINGTON, Sept 14 (KUNA) -- The United States and the United Kingdom announced a bilateral agreement Friday to combat off-shore tax evasion.
ISLAMABAD -- Pakistan Cricket Board (PCB) chief Zaka Ashraf has said they have committed to a contract with Sri Lanka cricket, and both parties have agreed upon a bilateral agreement.