Definition: A person or entity outside the particular agreement or relationship being discussed. The identity of a third party depends on which relationship is being examined.
Example
Relative to the buyer-seller purchase agreement, a separate service provider may be a third party.
Keep the distinction clear
Third party does not automatically mean neutral, independent, or free of duties. The person's contract, role, and affiliations still matter.
Related terms
Principal · Agent · Affiliated Business Relationship
Keep studying
Buyer Agreements and Florida Agency: What Changed?
References: Florida Statutes 475.278: brokerage relationships and duties
Pronunciation (US): THURD PAR-tee (capitals show stress)
Pronunciation reference: Merriam-Webster
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