The word vort is a tricky word and can have a number of different meanings. The basic meaning is as follows. There is a simcha! One of your children is engaged to someone and a simcha is to be had for all. Everyone is invited for a vort. That means come over and have a schnapps with a piece of cake. Music at the vort is optional. D’var Torah is mandatory. There is a custom to read the tenaim (the conditions) and then the two mothers break a plate to signify that yes indeed it is so. Just a word of caution. The more conditions made, the harder it is to break off the engagement if this is what has to happen. It can get tricky!
Alternatively, you do not have to have conditions or tenaim, and the vort can serve as a glorified engagement party. Please bring a check or gift to get the young couple underway. Either way, it is a time of simcha, and may everyone enjoy the happy occasion!