Bilateralism is the view that the speech act of denial is as primitive as that of assertion. Bilateralism has proved helpful in providing an intuitive interpretation of formalisms that, prima facie, look counterintuitive, namely, multiple-conclusion sequent calculi. Under this interpretation, a sequent of the form $\Gamma \vdash \Delta$ is regarded as the statement that it is incoherent, according to our conversational norms, to occupy the position of asserting all the sentences in $\Gamma$ and denying all the sentences in $\Delta$. Some (...) have argued, based on this interpretation, that the notion of invalidity is as conceptually primitive and important as the notion of validity: whereas the latter is couched in terms of what positions are incoherent and hence untenable, the former is couched in terms of what positions are coherent and hence tenable. My ultimate goal in this paper is to contest this view. Based on a novel technical account of the two notions—one that I find more accurate than the existing accounts in the literature—I shall argue that the notion of incoherence takes conceptual priority over the notion of coherence. (shrink)