both people; the two of them
Refers to two people together, often in formal or written contexts. More formal than 二人 (ふたり).
I'm relieved that both of them are safe.
The contract requires the signatures of both parties.
両人 is a slightly old-fashioned, formal term for 'the two persons' similar to 両氏, but it lacks the honorific nuance tied to using surnames or titles.
Compound of 両 (both) and 人 (person).