Counterpart
In a contract, the term “counterpart” refers to each of the parties’ signed copies of the agreement. The existence of counterparts is typically necessary to prove that a contract was actually executed. For example, if Party A later tries to deny that they ever signed the contract, Party B can produce their counterpart as evidence.
Contracts are usually executed in multiple counterparts so that each party has an original copy of the agreement. This is convenient if the parties are located in different geographical areas and makes it less likely that all copies of the contract will be lost or destroyed. In some cases, a party may execute a contract in counterparts even if they are physically present at the signing. This can be done to speed up the execution process or because the parties prefer to have their own copies of the agreement.