In Charedi circles, an engagement party is called a vort, Yiddish for "word." This refers to the words of Torah and blessing usually said at the gathering.
When a couple first announce their engagement, they might arrange a l'chaim, a simple party.
The vort, on the other hand, is a planned engagement party, usually bigger than the informal l'chaim.
Today in Israeli Charedi circles, people refer to getting engaged as "closing a vort" (lisgor vort), which has a business-like ring to it, as in "closing a deal". Sephardic Charedi Jews use this expression as well.
In these circles, the vort is when the families sit down (sometimes together with the matchmaker) and work out financial agreements, such as who will pay for the wedding, and whether the couple will be provided with an apartment and if so, by whom .Once the negotiations are out of the way and all is agreed, there is a party.