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bilateral contract
(redirected from Bilateral Contracts)

   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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17% price adjustment in the bilateral contract with AES Eletropaulo, on July 4, 2010, and to the increase in the volume of energy sold through other bilateral contracts.
The Forum generates bilateral contracts and undertakes projects on a consortia basis - these include engagement with large Indian corporates as well as encouraging more business to business linkages between India and the UK.
The new electricity law will allow producers and consumers to enter into direct bilateral contracts for the trading of power.
 
 
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