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Third-Party Beneficiary
An individual or entity that benefits from the terms of a contract, despite not being one of the principal parties involved in the agreement.
Incidental Beneficiary
A third party who unintentionally benefits from a contract made between two other parties, without having any enforceable rights under that contract.
Novation
A legal process where an old debt, obligation, or contract is replaced by a new one, effectively extinguishing the original agreement and substituting it with a new party or terms.
Obligor
An Obligor is the party in a contractual agreement who is bound to provide a specified performance to another party, the obligee.
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