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Bilateral Contract

A bilateral contract is a type of contract where both parties involved are obligated to fulfill certain promises or duties. In other words, it is an agreement in which each party acts as both a promisor (making a promise) and a promisee (receiving a promise).

Examples:

1. As a noun:

In this sense, a bilateral contract refers to a mutual agreement between two parties, each promising to do something for the benefit of the other. For example:

- "The landlord and the tenant signed a bilateral contract, with the tenant agreeing to pay rent on time, and the landlord promising to maintain the property in a good condition."

- "The bilateral contract between the farmer and the distributor ensures a steady supply of fresh produce."

2. As an adjective:

As an adjective, bilateral contract describes an agreement that involves two parties making reciprocal promises. For example:

- "The company entered into a bilateral contract with its supplier, committing to purchase a specified quantity of materials."

- "In a bilateral contract, both parties have obligations and rights."

Related Products:

To explore further resources related to bilateral contracts, you may consider the following products:

• Books on Bilateral Contracts
• Bilateral Contract Forms
• Legal Resources on Bilateral Contracts