A contract under which each party to the agreement promises to perform a certain act or duty. Bilateral contracts are binding promises where both parties require performance—a cooperative and mutual engagement. It contrasts with unilateral contracts, which involve only one party making a promise or taking action.
The mutual agreement and understanding between parties regarding the terms and conditions of a contract, ensuring all involved parties share a common interpretation and consensus.
Renegotiate refers to the process of formally revising the terms of an existing contract between parties, typically to address changes in circumstances, mutual agreement, or to achieve more favorable conditions. This often involves adjustments in areas such as payment terms, interest rates, deadlines, and scope of work.
