bilateral contract

Popular Terms
Reciprocal arrangement between two parties under which both parties promise to perform an act in exchange for the other party's act. Each is an obligor on its own promise, and an obligee on the other party's promise.

Use 'bilateral contract' in a Sentence

Whenever you are dealing with a party you don't know that well you should make sure there is a strong bilateral contract.
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They signed a bilateral contract and were happy with their agreement, so they decided to go out to a restaurant and eat.
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You should try and get a signed bilateral contract the first time you do business with a company you don't fully trust.
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