The most common and most likely answer to this crossword clue is the 4 letter word RAVE
I've seen this crossword clue in The Times
R
A
V
E
More clues leading to the result RAVE
- Composer's brief to supply modern music
- Welcome associated with Republican party
- Party leader's latest welcome
- Party threatening to ditch leader
- Party seen to be in contravention
- Party‘s not initially serious
- See world without borders and wax lyrical
- Party needing some extra vehicles
- Bishop coming to such a wild party would be courageous
- Shout ‘Party!’
Buddy explains!

The straight part
We know that "Party" is the straight/definition part of the clue. The straight part is often a synonym or definition, in this case party = rave.The cryptic/wordplay part
In cryptic crossword there's often an wordplay/cryptic part as well.This part involves a more complex hint, such as an anagram, homophone, hidden word, etc.
Sadly, We don't have an explanation for this specific crossword clue yet.
What does RAVE mean?
RAVE noun- An enthusiastic review (such as of a play).
- An all-night dance party with electronic dance music (techno, trance, drum and bass etc.) and possibly drug use.
- The genres of electronic dance music usually associated with rave parties.
- To wander in mind or intellect; to be delirious; to talk or act irrationally; to be wild, furious, or raging.
- To speak or write wildly or incoherently.
- To talk with unreasonable enthusiasm or excessive passion or excitement; followed by about, of, or (formerly) on.
- To rush wildly or furiously.
- To attend a rave (dance party).
- One of the upper side pieces of the frame of a wagon body or a sleigh.
- To tear apart by force; to rend; to split; to cleave.
- To pierce or cleave with a weapon.
- To land.