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 ?
According to local reports, flydubai requested the Indian State Government to take up the matter with the Ministry of Civil Aviation to ensure Bhubaneswar was included in the new bilateral agreements between India and the UAE.
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.
The bilateral agreement follows negotiations initiated by the U.
While the Indian carriers are free to mount services from any point in India including Bhopal to international destinations available under bilateral agreements, foreign airlines can operate only on designated point of call available under bilateral agreement.
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.
A bilateral agreement will be signed in the presence of President Anastasiades and Prime Minister El-Bablawi on the Development of Cross-Median Line Hydrocarbon Resources.
Summary: Muscat: India and Oman air forces are supposedly working on a bilateral agreement on flight .
Beijing, June 27 (Xinhua-ANI): Myanmar and the United States reached Thursday a new bilateral agreement for economic cooperation, said a press release of the U.
WASHINGTON, Feb 14 (KUNA) -- The US Department of the Treasury announced Thursday its signing of a bilateral agreement with Switzerland to "facilitate the implementation of the information reporting and withholding tax provisions commonly known as the Foreign Account Tax Compliance Act (FATCA).
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.
BAGHDAD / Aswat al-Iraq: Both the Iraqi Parliament Speaker Usama Nujaifi and his Turkish counterpart Mohammed Ali Shaheen agreed to end Iraqi water share within a bilateral agreement after the Turkish general elections, as mentioned in a statement issued by Nujaifi's office.