third party

The party that is a customer of either a direct or indirect system member. It is not known by the system transaction administrator, and does not have any liability nor rights, vis-à-vis the system. Euroclear Clearing and Settlement glossary

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third party ˌthird ˈparty noun third parties _PLURALFORM [countable]

1. LAW someone who is not one of the two main people or organizations involved in an agreement or legal case:

• The preference tests were conducted by an independent third party.

2. INSURANCE in an insurance contract, someone who is not the insurer or the insured person, but who will get money if the insured person causes them loss or injury:

• The insurance only covers loss or injury to a third party.

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third party UK US noun [C, usually singular]

► LAW a third person or organization less directly involved in an activity or in a legal case than the main people or organizations that are involved: »

30% of the units that we sell are actually sold by third parties.

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Shareholders may authorize a third party, such as a bank or employer, to make investments directly to their Fund accounts.

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In road accident cases, the plaintiff can bring a third party in as a second defendant.

► INSURANCE in an insurance contract, a person who is not the insurance company or the insured person, but who will receive money if they suffer loss or damage caused by the insured person: »

The policyholder is covered if they cause injury or damage to a third party.