bilateral contract

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Related to Bilateral Agreements: Bilateral Contracts, Bilateral Trade Agreements

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 ?
With Pakistan and India's blood stained history, which includes four armed conflicts, it is not surprising that the two countries decided to execute a bilateral agreement in addition to the VCCR to elaborate on consular access for situations that the VCCR does not delineate on.
InfoVista, the provider of network and application performance orchestration solutions for a better connected and collaborative world, has announced the signing of a bilateral agreement with Ericsson for the Operations Support Systems interoperability initiative, or OSSii, the company said.
Al-Amin explained that the Sudanese people suffering bitterness due the bilateral agreements that resulted in losing a lovely part of the homeland, adding that Umma Party is distancing itself from such agreements.
Other bilateral agreements to be signed include air services, collaboration between the Cyprus Institute of Neurology and Genetics (CING) and the Children's Cancer Hospital of Egypt for the provision of services, and research and education in the field of medical and biomedical sciences.
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.
RIYADH: ALI FAYYAZSaudi Arabia and Kyrgyzstan intend to sign bilateral agreements by the end of the year end covering various areas, including economic, investment and cultural cooperation, to strengthen bilateral relations between the two countries.
The Ministry of Finance and the Central Bank of the UAE signed memorandum of understanding, or MoU, on Tuesday, in implementation of the Council of Ministers' resolution which authorises the Ministry to compile and exchange tax information regarding the fulfillment of requirements of the OECD Global Forum for transparency and exchange of information relating to bilateral agreements on double taxation.
These models serve as the basis for concluding bilateral agreements with interested jurisdictions.
Experts of the EA note that in 2011, over 260 people went to work in Germany, France and Switzerland thanks to bilateral agreements and work agreements.
Summary: BEIRUT: Prince Albert of Monaco is scheduled to visit Beirut Tuesday on a first-ever official visit to Lebanon during which both countries will sign several bilateral agreements. Prince Albert will meet President Michel Sleiman, Prime Minister Saad Hariri and Speaker Nabih Berri during his four-day visit.
Lebanese and Syrian ministers signed Thursday in Beirut 18 bilateral agreements in different fields during the Egyptian-Lebanese Higher Council headed by Prime Minister Saad al-Hariri and his Egyptian counterpart Ahmad Nazif, the Beirut daily AN NAHAR reported Friday.
Namibia and India on this week signed two bilateral agreements and three memoranda of understanding (MoUs).
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