privity

privity definition - business

privity

  1. The contractual relationship or mutual interest between two parties, such as a landlord and tenant.
  2. Private knowledge held jointly with another party. See also vertical privity 2.

The American Heritage® Dictionary of Business Terms Copyright © 2009 by Houghton Mifflin Harcourt Publishing Company. Published by Houghton Mifflin Harcourt Publishing Company. All rights reserved.

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