BILATERAL RIGHTS Meaning and
Definition
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Bilateral rights refer to a set of legal rights granted to two parties or individuals involved in an agreement or contract, ensuring equal benefits, obligations, and protections for both sides. These rights are based on the principle of reciprocity, where each party is entitled to certain privileges and is bound by specific responsibilities.
In a bilateral agreement, each party has the right to enjoy the advantages of the agreement as well as the obligation to fulfill their shared responsibilities. This means that both sides have the right to expect fair treatment, equal opportunity, and protection under the law. Bilateral rights typically encompass various aspects of the agreement, such as trade, commerce, investments, or diplomatic relations.
For example, in a bilateral trade agreement, both countries involved have the right to engage in mutually beneficial trade practices without unfair barriers or discriminatory practices. They also have the right to expect their intellectual property to be protected and their investments to be safeguarded.
Bilateral rights are essential for maintaining balance, fairness, and harmonious relations between two parties or nations. By establishing and upholding these rights, disputes, conflicts, or imbalances that may arise from the agreement can be minimized or resolved in a just and equitable manner.
Overall, bilateral rights provide a framework for cooperation, collaboration, and mutual benefits between two parties while ensuring that both sides are treated fairly and equally.
Etymology of BILATERAL RIGHTS
The word "bilateral" is derived from the Latin word "bi-" meaning "two" and "lateralis" meaning "side". It refers to something that involves or relates to two sides or parties.
The word "rights", on the other hand, has its origin from the Old English word "riht" which means "just, good, fair, proper, fitting, straight, or in order". It carries the notion of entitlement or what is morally or legally due to someone.
When combined, the term "bilateral rights" refers to rights that are granted or recognized to both sides or parties involved in a particular agreement, relationship, or situation.
