Definition of Bilateral contract:
In more complex situations such as multinational trade negotiations, a bilateral contract can be a so-called "side deal." That is, both parties are involved in the general negotiations but may also see the need for a separate contract relevant only to their shared interests.
A bilateral contract is an agreement between two parties in which each side agrees to fulfill his or her side of the bargain.
Reciprocal arrangement between two parties under which both parties promise to perform an act in exchange for the other partys act. Each is an obligor on its own promise, and an obligee on the other partys promise.
How to use Bilateral contract in a sentence?
- They signed a bilateral contract and were happy with their agreement, so they decided to go out to a restaurant and eat.
- Whenever you are dealing with a party you dont know that well you should make sure there is a strong bilateral contract .
- You should try and get a signed bilateral contract the first time you do business with a company you dont fully trust.
Meaning of Bilateral contract & Bilateral contract Definition