Usually means: Entity agreeing to contract terms.
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We found 4 dictionaries that define the word party of the second part:

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

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

Definitions from Wiktionary (party of the second part)

noun:  (law, archaic) The party to a legal dispute against whom a complaint was initially raised in a court.
noun:  (law, archaic) The second party named in a contract, generally the party to whom a duty is initially owed, and who is obligated to perform in response to the performance of that initial duty.

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