third party

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Third Party

A generic legal term for any individual who does not have a direct connection with a legal transaction but who might be affected by it.

A third-party beneficiary is an individual for whose benefit a contract is created even though that person is a stranger to both the agreement and the consideration. Such an individual can usually bring suit to enforce the contract or promise made for his or her benefit.

A third-party action is another name for the procedural device of Impleader, which is used in a civil action by a defendant who wants to bring a third party into a lawsuit because that party will ultimately be liable for all, or part of, the damages that may be awarded to the plaintiff.

third party

n. a person who is not a party to a contract or a transaction, but has an involvement (such as a buyer from one of the parties, was present when the agreement was signed, or made an offer that was rejected). The third party normally has no legal rights in the matter, unless the contract was made for the third party's benefit.

third party

a party who is a stranger to a transaction or proceeding between two other persons.
References in periodicals archive ?
A third-party administrator processes insurance claims for separate entities without underwriting or assuming the risks of the businesses they represent.
Q: What changes in technology do you see affecting the third-party administrator industry the most over the next three to five years?
Third-party administrators sending funds to marketing company.
The benefit of using a third-party administrator is that it's a check-and-balance system with a third-party administrator that you don't necessarily have with a carrier," he said.
It has teamed with a third-party administrator to offer any entity with nine or more employees a free assessment of self-funding versus current insurance expenses.
Because they are homogeneous, pool members know who runs their businesses well and can control who enters, said Fred Haring, a vice president of the regional third-party administrator ASU Group in Okemos, Mich.
In addition to its 3,100 Registered Investment Advisor clients, Fidelity has been providing clearing, custody and brokerage services to bank trust departments and third-party administrators (TPAs) for nearly 15 years.
By acting as a third-party administrator, Schumann said, IntegraMed can achieve economies of scale from a centrally-managed operation, distribute the risk across a broader pool of enrollees and avoid the conflicts of interest that physicians might encounter when they select patients to enroll in their home-grown programs.
When proposing on a new engagement, never simply assume very large third-party administrators have SAS no.
Best's Directory of Third-Party Administrators offers both General listings, with basic company information, and Full listings, which include details on a company's qualifications, biographical information, descriptions of expertise, expanded contact information and more.
MassMutual has conducted a screening and monitoring process to select about 40 third-party administrators across the United States.
The expansion of this alliance further supports TriZetto's strategy to provide third-party administrators with the tools they need to enhance revenue growth, drive administrative efficiency, and improve the cost and quality of care," said Gloria Gonzalez, vice president of Benefit Administration Transaction Services for TriZetto.

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