Bilateral discharge

Bilateral discharge,

Definition of Bilateral discharge:

  1. Termination of an unfulfilled contract (where neither party has yet performed its obligations) on court order, releasing both parties from their liabilities under it. The terminated contract may be (1) cancelled without creating a replacement contract, (2) cancelled and replaced with another contract, or (3) modified by exclusion or inclusion of certain terms.

Meaning of Bilateral discharge & Bilateral discharge Definition