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In U.S. politics a third party is a political party organized in all or nearly all states other than the Democrats or Republicans. See: Third party (United States).
In Canada, a third party or third party status usually refers to a small political party that is not considered a contender for power but has representation in the provincial legislature or federal House of Commons. Most provinces in Canada have a two party system where there are two major political parties that alternate government or are considered contenders for government though the identity of these parties may change over time. Prior to the 1993 Canadian election the two major parties in the federal House of Commons were the Liberal Party of Canada and the Progressive Conservative Party of Canada (now part of the Conservative Party). The New Democratic Party of Canada (and its predecessor the Cooperative Commonwealth Federation) was the most durable third party. Provincially, however, the NDP has been one of the two major parties in the western provinces while the Liberals have been third parties at various times in those same provinces.
In the United Kingdom a third party is a national political party other than the Conservatives and Labour which has a substantial presence in the House of Commons. It is currently generally used to refer to the Liberal Democrats.
In a general sense, third party can mean an entity not affiliated with two or more sides in conflict.