Definition of Unilateral contract:
An example of a unilateral agreement is an insurance agreement, which is usually partially unilateral. In a unilateral agreement, the provider is the sole party responsible for the agreement.
An agreement arises when one party (the promising party) offers to pay the other party (the promising party) in return for a share, and the promising party agrees to the action. ۔ The gift of providing some information is an example of a unilateral agreement.
A type of contract in which the contracting parties have only applicable liability. For example, in an insurance contract, only the insurance promises (loses or pays the claim), while the insured makes no promises and pays only a premium to maintain part of the contract.
A unilateral contract is the arrangement of a contract in which a supplier promises to pay after a certain action. In general, a unilateral agreement is often used when the bidders have outstanding debt that they are willing to pay for a particular action.
How to use Unilateral contract in a sentence?
- On that day, they signed a unilateral agreement and negotiations ended, with both sides exploring the future and possibilities.
- You should always get a solid, unilateral contract before working for another company or person.
- Unilateral agreements are usually used for open or optional bidding.
- The first time you do business with a company, you want to make a one-way guarantee.
- Unilateral agreements are unilateral and require only a pre-determined commitment from the bidder.
Meaning of Unilateral contract & Unilateral contract Definition