Bilateral means two-sided and is frequently used to refer to agreements between two countries. For example, the United States and Australia have a Bilateral trade agreement limiting tariffs or other protectionist policies between the two nations.
Additionally, the doctrine of consideration means that a contract generally must be bilateral to be enforceable.
Alternatives to bilateral include unilateral and multilateral.
[Last updated in July of 2022 by the Wex Definitions Team]