n. reference in a written contract to identify one of the people entering into the agreement. The agreement would read "Mary McConnell (hereinafter called The Party of the First Part)." Better practice is to identify the parties by a short form of their name ("hereinafter referred to as McConnell") or as Buyer, Seller, Owner, Trustee or some other ...
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It is a term used to denote or indicate one of the party to the contract.
Found on
http://www.encyclo.co.uk/local/21213
Antiquated language used to identify one of the parties to an agreement. Modern contract practice is to identify parties with abbreviations, or by an identifier such as buyer, seller, lessee, lessor, licensee, or licensor.
Found on
http://www.nolo.com/dictionary/party-of-the-first-part-term.html
No exact match found.
