When it comes to legal agreements, there are many terms and phrases that can be confusing or misunderstood. One common question that often arises is what to call an agreement that has to be signed by two sides. The answer is a “bilateral agreement.”
A bilateral agreement is a legal contract between two parties, each of whom agrees to perform certain actions for the other. This type of agreement is common in business and industry, where companies may need to work together to achieve a common goal. Bilateral agreements can also be used in personal relationships, such as when two people agree to share an apartment or a car.
The key feature of a bilateral agreement is that both parties have to sign it to make it legally binding. This means that each side has to agree to the terms and conditions of the agreement before it takes effect. Once it has been signed by both parties, the agreement becomes a legally enforceable contract that can be used to resolve any disputes that may arise.
Bilateral agreements are often used in international relations as well. For example, a bilateral trade agreement between two countries would outline the terms of their trade relationship, such as tariffs and quotas. These agreements can be complex and take years to negotiate, but they are important for maintaining good diplomatic and economic relations between countries.
In conclusion, a bilateral agreement is a legal agreement between two parties that requires both sides to sign it in order for it to take effect. These agreements can be used in a variety of contexts, from business partnerships to international relations. As a copy editor familiar with SEO, it is important to remember to use the correct term when referring to these types of legal contracts.