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What does another contracting party mean?

A contract party or contracting party is an individual or business who enters into a binding agreement with another contracting party, thus accepting the obligations, responsibilities, and benefits specified within the agreement.

What is a replacement contracting party?

One of the original contracting parties is replaced by a third party who takes up the rights and obligations afforded to the original contract. Therefore, the original contracting party transfers all rights and obligations to the new party in the contract.

What is it called when one contract replaces another?

Novation is the process by which the original contract is extinguished and replaced with another, under which a third party takes up rights and obligations duplicating those of one of the parties to the original contract.

What is the term for when a party to a contract?

A contract party or contracting party is an individual or business who enters into a binding agreement with another contracting party, thus accepting the obligations, responsibilities, and benefits specified within the agreement.

What is a replacement contract?

Replacement Contract means a contract having a term, quantity, delivery rate, delivery point and product substantially similar to the remaining Term, quantity, delivery rate, Delivery Point and Product to be provided under this Agreement.

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