bilateral contract

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Related to bilateral contract: quasi contract, unilateral contract, executed contract

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 ?
In this model bilateral contracts are assumed to be firm, which means that accounting for losses and congestion is responsibility of the pool.
And the Supreme Court held that that was a bilateral contract arising out of the necessary implication of what passed between the two parties.
Contract for the supply of electricity (in the form of a bilateral contract or framework agreement EFET).
The ERC must also amend Automatic Generation Rate Adjustment (AGRA) rules applicable to distribution utility (DU) generation charges by allowing complete pass-through of ERC-approved bilateral contracts; allowing complete pass-through of WESM purchases if prices are equal to or less than ERC-approved bilateral contract prices; and for WESM purchases above approved bilateral contract prices, require prior ERC approval for pass-through of the price differentials.
Meralco's claimed contract with Therma Marine (as an aggregator) for 238 MW took the form of a bilateral contract and hence under WESM rules should have been a must dispatch capacity.
The contract has as its object the supply of electricity on the open market for the consumption units (sampling points) of the Consortium for an estimate of about 2,520,677 kWh / year administered by a producer, or a wholesaler, or a distributor of electricity (hereafter supplier) to the user ~consortium~ in front of a bilateral contract entered into on the open market.
Senior Associate Justice Antonio Carpio, meanwhile, took note of the activities of Meralco at the WESM where it instructed TMO to sell at P62 per kilowatt hour at WESM even if the bilateral contract between the two is for only P8.
Venezuela is getting prepared to export gas to Colombia pursuant to a bilateral contract under which Colombia exported since 2007 estimately 200 million cubic feet of gas per day to Venezuela.
As per the Iranian energy officials, Tehran and Ankara declared that they have revived a bilateral contract on the export of Iran s oil to Turkey,
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