Glossary entry (derived from question below)
Indonesian term or phrase:
pihak akan memiliki pengertian hang sesuai
English translation:
the parties concerned shall have a proper understanding
Indonesian term
United Kingdom
Value Added Translation
Native in: English
Works in: German to English, Malay to English, Indonesian to English
pihak akan memiliki pengertian hang sesuai
Mar 8, 2014 13:05: Jo Bennett changed "Field (write-in)" from "Article on sustainable in" to "Contract for supply of services"
Proposed translations
Indonesia
ITI-certified IDEN Translator
Native in: Indonesian 
, Javanese
Works in: Indonesian to English, English to Indonesian, English to Javanese, and 3 more.
the parties concerned shall have a proper understanding
Contoh penggunaan:
Entering into a contract must involve the elements of free will and proper understanding of what each of the parties is doing. ...
http://www.hobartlegal.org.au/tasmanian-law-handbook/consume...
http://www.lawhandbook.org.au/handbook/ch12s01s02.php
As Part I demonstrated, a proper understanding of contractual obligation and its limits requires an appeal to something more fundamental than the concepts of will, reliance, efficiency, fairness, or bargain. ...
http://www.law360.com/articles/514058/kbr-beats-protests-ove...
This proposal means thus to provide more comprehensive protection for academic freedom at a time when the constitutional concept is near defunct, and thus more broadly to realize, through proper understanding of the written tenure contract, ...
http://scholarship.law.umassd.edu/fac_pubs/17/
Participation is also critical, and participation around contracting is difficult without a proper understanding of the contract in question and of the contracting process (e.g. how resource contracts are embedded in the broader legal and developmental framework of a country.).
http://www.open-contracting.org/blog
... but those same options can lead to difficulties if chosen inappropriately and without a proper understanding of how the contract will operate as a whole.
https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&c...
The parties are included in this contract and they will have an appropriate understanding
Indonesia
Engineering, Mining and Web Localization
Native in: Indonesian 
Works in: German to Indonesian, English to Indonesian, Indonesian to English, and 1 more.
The parties are all concerned parties involved in this contract...
Indonesia
Traduco Ergo Sum
Native in: Indonesian (Variant: Standard-Indonesia)
Works in: English to Indonesian, Indonesian to English, German to Indonesian
The parties are the parties hereto and each of the parties shall have corresponding understanding.
Indonesia
Legal, Marketing, Biz, Software, Games
Native in: Indonesian (Variant: Standard-Indonesia)
Works in: English to Indonesian, Indonesian to English
...shall have mutual understanding
To me, it seems that *pihak* is out of context and accidentally put in. The text should read as follows: Para Pihak adalah pihak-pihak dalam Kontrak ini dan akan memiliki pengertian yang sesuai.
Therefore, the translation IMO will be: Parties shall be the parties hereto and have mutual understanding
(*hereto = to this Contract . Of less usage is: herein = in this Contract).
Some formatting *standards* for the definition section of an agreement:
1-Key words will usually have their first letters capitalized.
2-Key words will often be in boldfaced print
3-In English, there will be no article (the, a/an).
(A sample can be seen here: http://www.apelon.com/Portals/0/Literature/Subscription Cont...
pengertian yang sesuai shall refer to mutual understanding (i.e. same understanding taken by both sides). The reference below stresses that mutual understanding is the very fondation of an agreement.
REF: http://www.powerexindia.com/PXIL/download/doc/Physical/PXIL-...
NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL UNDERSTANDING AS SET FORTH IN THIS AGREEMENT, THE PARTIES THERETO HAVE AGREED TO THE FOLLOWING TERMS AND CONDITIONS:
Discussion