In the world of business, the term 'Counterpart' often refers to a duplicate of a legal document. When two businesses decide to work together, they will often sign a contract. This contract is a written agreement that outlines the terms and conditions of their collaboration.

This term is commonly used in the context of contracts and agreements where multiple parties need to sign the same document. Each party may sign separate but identical copies (counterparts), and all counterparts together constitute a single agreement.

A counterparty in economics, finance, and legal agreements refers to the other party involved in a financial transaction or contract. In any financial contract, there are at least two parties: the entity initiating the transaction and the counterparty to that transaction.

Executing a contract in counterparts is a very common practice that simply means that each party signs their own separate duplicate copy of the agreement rather than signing together on the same page of the same document.