First Party means (a) the Insured or any officer, employee or agent of the Insured or (b) any of the following Persons: the correspondent lender, mortgage loan broker or other intermediary underwriting or originating the Loan on behalf of the Insured or originating lender, or escrow or closing agents or anyone under ...
Who are the parties in a service contract?
Service Contracts are agreements between a customer or client and a person or company who will be providing services. For example, a Service Contract might be used to define a work-agreement between a contractor and a homeowner.
How do you name a party in a contract?
To refer to a contract party in the agreement, either use the functional reference (e.g. Seller, Licencee, Service Provider, Lender) or the short name of the party (e.g. Weagree, Shell, Philips, Sony). It is appropriate to refer to your own party by its short name and to the other by a functional reference.
How many parties are involved in a contract?
On face value, there are two main parties, the promisor, who makes a promise, and the promisee, who receives the benefits of a contract. Both parties also hold an obligation to the contract. Sometimes, a third-party beneficiary benefits from a contract.31 ago 2021
What does party mean in legal terms?
In legal parlance, a party is a person or entity who takes part in a legal transaction, for example a person with an immediate interest in an agreement or deed, or a plaintiff or a defendant in a lawsuit. A “third party” is a person who is a stranger to a transaction, contract, or proceeding.
Who is first party in partnership deed?
When we buy a stamp paper or register the partnership deed, it is important to mention the 1st party and 2nd party name. The 1st party refers to firm name and 2nd part refers to partner(s) name.
Can a contract have 3 parties?
Absolutely, a contract can be made between more than 2 parties. Provided all other conditions of a contract are fulfilled like there is an exchange of goods or services for a consideration between parties, the exchange is legal and all parties are legally capable of signing a contract.