The definition of third party refers to an individual or an entity that is not directly involved in an agreement or a transaction, but may still have a role in it. For example, in a transaction between a seller (first party) and a customer (second party), a third party can be the payment provider.
A common example of a third party is payment processors like PayPal, which act as third parties by facilitating transactions between buyers and sellers without being directly involved in the sale of goods or services. Third parties can also include auditors, legal mediators, or outsourced service providers, all playing crucial roles in various industries.
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