Usually means: Initial contracting entity in agreement.
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We found 4 dictionaries that define the word party of the first part:

General (1 matching dictionary)
  1. party of the first part: Wiktionary

Business (3 matching dictionaries)
  1. party of the first part: Law.com Dictionary
  2. Everybody's Legal Dictionary (No longer online)
  3. Party of the First Part: Legal dictionary

Definitions from Wiktionary (party of the first part)

noun:  (law, archaic) The party to a legal dispute who first raised a complaint in a court.
noun:  (law, archaic) The first party named in a contract, generally the party agreeing to perform a duty thereunder.

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