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 ?
Williston noted that, at the beginning of the twentieth century, courts were looking for clear promises on each side in order to find a bilateral contract.
On July 4, 2010, the price of the bilateral contract with AES Eletropaulo was adjusted by 5.
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,
The higher price of energy sold through the bilateral contract (13.
Cyprus and United Kingdom has inked a bilateral contract to conduct a study on the modernization and reform of the public sector.
The bilateral contract "is very expensive and does not benefit the Galician fleet, or the rest of the European fleets.
The CDS is a bilateral contract in which one party (usually known as the protection buyer) pays a fee or premium to another party (generally referred to as the protection seller) to protect against a financial loss they may incur if a credit event (usually a default) occurs with respect to the underlying bond issuer (reference entity).
Positively, MEHC recently announced that it entered into a 500 megawatt, three-year bilateral contract to supply on-peak power that requires no collateral posting.
Prices in this small market may not reflect bilateral contract prices.
38/2007 Parties to the Convention in respect of bilateral contracts on the open market pursuant to and by effect of Legislative Decree 03/16/99 n.
The city-state produces more than 90 per cent of its electricity from imported natural gas, including LNG, however gas users currently buy the fuel under bilateral contracts.
But most bilateral contracts with our dominant supplier, Russia, are concluded on a long term basis, sometimes more than 20 years.
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