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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
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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.
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Such exchanges, though limited, date back to even before the 1972 bilateral agreement on the peaceful uses of outer space.
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.