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It's the party for whom the insurance was purchased to save his interest if the contracting party was proved to be liable against him
Wiki User
∙ 11y ago
Wiki User
∙ 11y agoThe phrase "third party beneficiary" is used in contracts. What it refers to is a person who is not a party of the contract but has legal rights to enforce or benefit from the contract.
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If Beneficiary transfer the Letter of Credit to Third party so all the Export Procedure and documenation will be done by third party or beneficiary?
Beneficiary have to do all the documentation.
What factors indicate that a third party beneficiary is an intended beneficiary?
Hi
When an assignment is made as a gift the third party is called?
When a gift to a third party comes out of an agreement or a contract between two people, he is called the beneficiary. The third-party beneficiary is not obligated to any performance in the contract.
Is the banklender the trustee trustor or beneficiary?
The lender is the beneficiary. The borrower is the trustor and the third party working for the lender is the trustee.
How to add my HDFC account number in SBI's third party beneficiary?
One full business day to take
When third party ownership is involved applicants who also happen to be the stated primary beneficiary are required to have?
Insurable interest in the proposed insured
When a contract is intended to benefit a third person such a person is referred to as a delegator true or false?
False. A third person who is intended to benefit from a contract is referred to as a third-party beneficiary. A delegator is unrelated to the concept of third-party beneficiaries and refers to someone who transfers a responsibility, duty, or authority to another person.
What party was the major beneficiary of dissension in the Democratic Party 1896?
Republican Party
Who can demand performance of contract?
PromiseeThe promisee is the person receiving the promise from the promisor or An individual to whom a promise is made.Legal RepresentativeIn its broadest sense, one who stands in place of, and represents the interests of, another. A person who oversees the legal affairs of another person. Examples include the executor or administrator of an estate and a court appointed guardian of a minor or incompetent personThird PartyA third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been a party to the contract. This right arises where the third party is the intended beneficiary of the contract, as opposed to an incidental beneficiary. It vests when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor or the promisee of the contract, depending on the circumstances under which the relationship was createdthis is copied off the internet i am NT to be given credit
Who can demand performance of a contract?
PromiseeThe promisee is the person receiving the promise from the promisor or An individual to whom a promise is made.Legal RepresentativeIn its broadest sense, one who stands in place of, and represents the interests of, another. A person who oversees the legal affairs of another person. Examples include the executor or administrator of an estate and a court appointed guardian of a minor or incompetent personThird PartyA third party beneficiary, in the law of contracts, is a person who may have the right to sue on a contract, despite not having originally been a party to the contract. This right arises where the third party is the intended beneficiary of the contract, as opposed to an incidental beneficiary. It vests when the third party relies on or assents to the relationship, and gives the third party the right to sue either the promisor or the promisee of the contract, depending on the circumstances under which the relationship was createdthis is copied off the internet i am NT to be given credit
What is the meaning of tertiary beneficiary in a trust?
A tertiary beneficiary is the third in line to receive something when the primary and secondary beneficiaries have died.
What is the plural of third party?
The plural of third party is third parties.
