In legal and contractual contexts, the parties involved are often referred to as the first party (who initiates the agreement) and the second party (who enters into the deal with the first). The specific roles and responsibilities are defined within the terms of the contract or legal agreement.

For example, in an insurance policy, the first party would typically be the policyholder or the insured individual or entity, while the second party would be the insurance company.

It’s important to note that these terms are not universally used or defined in all legal or contractual contexts. The terminology and nomenclature may vary depending on the jurisdiction, industry, or specific agreements involved.