The correct phrase is “both parties” without the possessive apostrophe. The possessive form “both party’s” would imply that there is possession or ownership involved, which is not the case in this context.
When we say “both parties,” we are referring to two or more groups or individuals involved in a situation or event. This phrase is commonly used in various contexts, such as politics, legal proceedings, negotiations, or even social gatherings.
For example, in a political context, we might say, “Both parties have different approaches to solving the issue.” This means that both political groups involved have their own unique ways of addressing the problem.
Similarly, in a legal setting, we might say, “The agreement was reached by both parties.” Here, it indicates that both sides involved in the legal matter have come to an agreement.
Using “both parties” is concise and clear, conveying the idea that multiple groups or individuals are involved without implying possession or ownership. It’s a common phrase that is widely understood and used in everyday language.
In my personal experience, I have come across this phrase in various situations, both in professional and casual settings. Whether it’s discussing political debates or negotiating contracts, the phrase “both parties” is a straightforward and effective way to refer to multiple groups or individuals involved in a particular context.
To summarize, the correct phrase is “both parties.” It is important to avoid using the possessive form “both party’s” as it implies possession, which is not appropriate in this context. Using “both parties” is concise, clear, and widely accepted in various contexts.