settlement. — see also third party
4formal: someone or something that is involved in an activity
▪ The principal of the school was urged to be a party [=participant] in the educational council.▪ Interested parties are asked to contact their local representative.— often + to▪ a party to the international coalition aimed at fighting hunger▪ He refused to be a party to [=he refused to take part in] the gambling ring.
5: a group of people who do something together
▪ a mountain-climbing party▪ a rescue/search party— often + of▪ a party of travelers from Great Britain▪ He made a reservation at the restaurant for a party of four. [=for a group of four people]▪ A party of teenagers is in charge of the neighborhood cleanup.