20:49
THATS SO FUNNY
Warning
Info
Warning
Info
LSDefine
Simple English definitions for legal terms
counterpart
Read a random definition: jus utendi
A quick definition of counterpart:
Counterpart: A counterpart is a copy of a legal document, like a contract. When people sign a contract in different places, they each sign a copy of the contract. One of these copies is the original, and the others are counterparts. Sometimes, there are several identical counterparts, each signed by a different person. These copies together make up the contract. The idea of counterparts comes from the transfer of land, where multiple copies of a document were made. Nowadays, we mostly use the word "copy" instead of "counterpart."
A more thorough explanation:
Counterpart refers to a copy or duplicate of a legal document, such as a contract. When parties sign a contract on different copies, one of the copies is considered the original, while the others are counterparts. For example, if two people sign a contract, each person will have a counterpart of the contract.
The concept of counterpart originated from the transfer of land. In the past, when land was sold, the legal document was made in multiple copies, including the original and counterparts. Nowadays, counterparts are also used for copies of other legal documents.
For instance, if a company signs a contract with a vendor, they may each have a counterpart of the contract. This ensures that both parties have a copy of the agreement and can refer to it if needed.
Overall, counterpart is a legal term that refers to copies of legal documents that are signed by parties involved in the agreement. It is important to keep counterparts in case the original document is lost or damaged.