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 ?
If the ICJ sets aside this bilateral agreement, it risks invalidating every agreement signed between India and Pakistan- indeed it risks invalidating every bilateral agreement signed.
administration has pressured states worldwide, including its closest allies, to enter into bilateral agreements, to compel them not to surrender U.S.
The bilateral agreement finalized May 1 calls for relocating the U.S.
In the absence of any bilateral agreements, the government should provide measures permitting flexibility in the domestic use of a DCL caught in the mirror legislation rule (at least until a bilateral agreement can be reached).
Watson boasted that the bilateral agreement with Mexico "will help to further unleash the entrepreneurial capacity of Mexican businesses by mobilizing U.S.
Norway and Japan have reportedly agreed to hold talks on concluding a bilateral agreement for co-operation in science and technology.
EU Trade Commissioner Pascal Lamy will visit Beijing in the week of March 27 with hopes of concluding the bilateral agreement.
Such exchanges, though limited, date back to even before the 1972 bilateral agreement on the peaceful uses of outer space.
Portugal and the Kingdom have signed a bilateral agreement guaranteeing the citizens of both countries the right to take part in local elections, either as voters or as candidates and as candidates after the Brexit, to leave the United Kingdom of the European Union.
THE Department of Labor and Employment (DOLE) is now eyeing to forge a new labor bilateral agreement with Tel Aviv to give overseas Filipinos workers (OFW) there the same kind of welfare protection enjoyed by their compatriots in Kuwait.
The Kuwaiti government has expressed willingness to negotiate with the Philippines in drafting a bilateral agreement to protect overseas Filipino workers (OFW) in the Gulf state.
During the ceremony of signing bilateral agreement, a Loan Contract between Elektroprivreda BiH and the Chinese EXIM bank was signed in connection to the construction of the thermal power plant Block 7 in Tuzla.