Software License Agreement Involving Third-Party
Description
How to fill out Software License Agreement Involving Third-Party?
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FAQ
Definition. A person who is neither a promisor nor promisee in a contractual agreement, but stands to benefit from the contract's performance.
An individual enters into a contract with an insurance company that requires the payment of death benefits to a third party. That third party does not sign the contract and may not even be aware of its existence, yet is entitled to benefit from it.
An example of a third party would be the escrow company in a real estate transaction; the escrow party acts as a neutral agent by collecting the documents and money that the buyer and seller exchange when completing the transaction. A collection agency may be another example of a third party.
A third party is someone who is not one of the main people involved in a business agreement or legal case, but who is involved in it in a minor role. You can instruct your bank to allow a third party to remove money from your account.