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Definition of Party of the second part
1. Noun. (context: legal archaic) The party to a legal dispute against whom a complaint was initially raised in a court. ¹
2. Noun. (context: legal 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. ¹
¹ Source: wiktionary.com