Who are the Parties Involved in a Contract?

Who are the Parties Involved in a Contract?

Written By
Joy Cunanan
Updated on
April 6, 2022
Reading time:
0
minutes

Parties Involved in a Contract

Parties Involved in a Contract

For there to be a contract, there must first be parties willing and able to consent to an agreement. These parties will bind themselves to perform their respective contractual obligations, with one offering the product or service and the other accepting the offer and paying the price. 

These parties may be referred to as vendor and buyer, client and service provider, or more commonly, promisor and promisee. In certain cases, a third-party beneficiary may be assigned to profit from the agreement without being legally obligated to perform anything under the contract. This beneficiary may be intentional or incidental.

Author
Joy Cunanan
Joy is the Digital Transformation Manager at Lexagle. As a marketing professional in the Tech and B2B industry for over seven years, she is always on the lookout for the next best solution in the ever-changing online world. With a passion for helping businesses thrive and optimize operations, she shares her expertise in the power of contract lifecycle management and its capacity of easing the contracting process for busy organizations worldwide.

Ready to unleash the power of contracting for your organisation?

Contact us for 15-min demo today or to discuss how Lexagle can best fit your organisation's needs!