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 ?
After signing the bilateral agreements, Prime Minister Manmohan Singh said that India is committed to help Namibia in all spheres.
Abdolreza Abbassian, an expert at the Food and Agriculture Organisation in Rome, said: "The use of bilateral agreements is on the rise.
Having failed in that effort, it set out to twist the arms of governments the world over to sign bilateral agreements ensuring that they would not send U.
An adviser to the EU's Court of Justice says member countries cannot sign "open-skies" bilateral agreements with the U.
For government and USAID employees, tax treaties may be superseded or supplemented by Status of Forces Agreements (SoFAs) or USAID Bilateral Agreements.
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).
The benefits of an umbrella of free trade partners in APEC is far superior to a continuation of bilateral agreements," says Somerville.
The Indian Civil Aviation Ministry has moved to increase the number of bilateral agreements India has with foreign airlines.
The executive campaign for the upcoming elections involving the Bilateral Agreements between Switzerland and the EU has begun.
Once all WTO members have reached separate bilateral agreements with Beijing, a final WTO protocol would be drafted in Geneva and China's entry formalized by a two-thirds majority vote among the WTO's 135 members.
Earlier this year, Iraq signed similar accords with the Netherlands, Finland, the Republic of Korea and Sweden, and during 2005 Iraq signed similar bilateral agreements with Canada, Italy, Belgium, Japan, Austria, France, Denmark, Switzerland, Spain and Germany.
The end goal is to have one stop shop arrangements, including negotiations on assessment and approval bilateral agreements, concluded with all jurisdictions by September 2014, and December 2014 in the case of Victoria", Minister Hunt said.
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