bilateral contract

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Related to Bilateral Contracts: Unilateral Contracts, Contractual agreement

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.
References in periodicals archive ?
In Eq (2) we want to minimize the expected value of the cost of supply by choosing among three possible options: buy based on spot market prices ([[lambda]] []), purchase through bilateral contracts ([[SIGMA].sub.c[member of]CD] [[lambda].sup.B.sub.ctw] [][d.sub.t]), and self-generation ( [[SIGMA].sup.N.sub.n=1][C.sup.AG.sub.n][E.sup.AG.sub.ntw]).
China and Pakistan have signed many bilateral agreements, like Free Trade Agreement, Bilateral Investment Treaty, Double Taxation Agreements, Customs related agreements/procedures, establishment of Pak-China Joint Investment Company, bilateral contracts, 5-Year Framework, MOUs in various fields and between various Ministries/Divisions of two countries and the Agreement on Trade in Services.
The Forum generates bilateral contracts and undertakes projects on a consortia basis - these include engagement with large Indian corporates as well as encouraging more business to business linkages between India and the UK.
1) trading of electricity under bilateral contracts between the producers and suppliers;
The new electricity law will allow producers and consumers to enter into direct bilateral contracts for the trading of power.
It is the best opportunity for implementation of potential, bilateral economic cooperation and also for signing bilateral contracts, he added.
In time, however, countries began to formalize their consular relations in bilateral contracts called treaties, conventions, or agreements--all of which carry the binding status of a treaty for purposes of international law.
In market structures where preferences and technologies are convex, the restriction to bilateral contracts is generally unimportant, but when nonconvexities are severe, it may be impossible to reliably achieve efficiency under the constraint of bilateral contracting (Telser 1987).
The court added that insurance contracts are unlike ordinary bilateral contracts because the motivation for entering into an insurance contract is different.
The German Government has gone on the record as stating that its line sharing is based on bilateral contracts between companies rather than on openly published prices.
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