Party (noun)
related to contract
This is nowhere near as fun as it sounds! Sorry to disappoint you.
A party in terms of contractual vocabulary, means a person or a group of people. A contract, therefore, is an agreement between two or more parties that is put into writing and must be taken seriously.
Parties can be companies, businesses, countries or even just a single person. It is merely a good umbrella term so that the person writing the contract doesnโt have to keep writing names over and over and over again. Contracts have enough words in them already!
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Gerry: So has your party signed all the documents, Jordan?
Jordan: Ah, no there are still some people left to sign their parts of the contract. It wonโt take long.
Gerry: Okay, well as soon as they are ready please inform me. My party has signed all of the documentation required for this merger.
Jordan: I will contact them right away.
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