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Learn the meaning of third-party as an adjective and a noun, with examples of usage and word history. Find out how third-party relates to insurance, software, politics, and more.
Learn the meaning of third party as a noun and an adjective in different contexts, such as law, politics, insurance, and business. See how to use third party in sentences and compare it with related words and phrases.
Learn the meaning of third party in law, politics, insurance and business contexts. Find out how to use third party as a noun or an adjective with different meanings and examples.
- What Is A Third Party?
- How A Third Party Works
- Example of A Third Party
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A third party is an individual or entity that is involved in a transaction but is not one of the principals and, thus, may have a lesser interest in the transaction. An example of a third party would be the escrowcompany in a real estate transaction; the escrow party acts as a neutral agent by collecting the documents and money that the buyer and s...
A third party may also refer to an entity that a company uses to mitigate risk. For example, small investment firms face difficulty entering the industry when large firms continue leading the competition. One reason large firms grow more quickly is because they invest in middle- and back-office infrastructure. To stay competitive, many smaller firm...
Real Estate Escrow Company
A real estate escrow company acts as a third partyto hold deeds, documents, and funds involved in completing real estate transactions. The company deposits the funds in an account on behalf of the buyer and the seller. The escrow officer follows the directions of the lender, the buyer, and the seller in an efficient manner when handling the funds and documentation involved in the sale. For example, the officer pays authorized bills and responds to the principals’ authorized requests. Although...
Collection Agency
A company may hire a collection agencyfor securing payment of company debt. Company invoices or initial customer contracts typically state at which time a collection agency may be used for securing outstanding payments. Some businesses can carry debt for years, whereas others expect payment within 90 days. The schedule depends on the market and the company’s relationship with the client. When a business would pay more in court fees than the amount of the debt itself, the business may utilize...
A third party is an individual or entity that is involved in a transaction but is not one of the principals and has a lesser interest. Learn how third parties work in real estate, debt collection and outsourcing with examples and key takeaways.
- Will Kenton
Third party definition: any party to an incident, case, quarrel, etc., who is incidentally involved.. See examples of THIRD PARTY used in a sentence.
Third party, or minor party, is a term used in the United States' two-party system for political parties other than the Republican and Democratic parties. Third parties are most often encountered in presidential nominations.
Learn the meaning of third party as a noun and an adjective in different contexts, such as business, law, insurance and politics. Find out how to use third party in a sentence and see related words and synonyms.
