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.