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 ?
Strategic Risk: A key strategic risk highlighted by the FDIC is the potential misalignment of incentives between the insured institution and its third-party relationship.
The group, created to research third-party access and recommend best practices, consists of security and IT experts from Aberdeen Group, Akamai, Assurant, BrightPoint Security, CKURE Consulting, Hunt Business Intelligence, PwC and Symantec.
NASAA's recently released enforcement survey reflecting data for 2013, which tracked for the first time fraud related to third-party custodians of self-directed IRAs, found that securities regulators opened 92 investigations and initiated 13 formal enforcement actions involving third-party custodians of self-directed IRAs last year.
Pursuant to General Obligations Law [section] 15-108(b), "[a] release given in good faith by the injured person to one tortfeasor as provided in [General Obligations Law [section] 15-108(a)] relieves him [or her] from liability to any other person for contribution as provided in article fourteen of the civil practice law and rules" Here, the plaintiffs executed a general release in favor of the third-party defendants.
If the employee did not obtain an acceptable third-party offer, he or she could transact a regular sale through the RSC.
The letters and power of attorney forms from the supposedly separate and independent third-party collection agents encountered in this investigation were identical.
The defendant drug companies' conspiracy to prevent the sale of the generic version of Cardizem CD denied consumers and third-party payers the opportunity to use a significantly less costly generic equivalent.
The proposed ethics ruling under Rule 201, "General Standards," and Rule 202, "Compliance With Standards," clarifies the application of Rules 201 and 202 to members who use a third-party service provider in providing professional services to clients, and makes clear the committee's position that the member is responsible for all work performed by the service provider.
User auditors can use a Type I report only to understand the third-party service provider's controls that impact their clients and to plan the audit work of their client's financial statements.
The code also states that a member remains responsible for ensuring the accuracy and completeness of the services provided by the third-party provider.
She has little good to say about the third-party efforts of recidivist presidential candidate Ross Perot and Minnesota Gov.
The draft circular provides a comprehensive review and interpretation of the third-party civil penalty legislation and outlines CCRA's proposed guidelines for its administration.

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