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What is Third Party Contracts Explained about?

The document discusses contracts for third parties and contracts for a nominated person. A contract for a third party occurs when two parties enter into a contract that provides direct benefits to a third party not involved in the transaction. A contract for a nominated person allows one of the parties to designate another person to take their place in the contract. The main advantage is that it allows someone not initially involved in the contract to take over the contract later through nomination.

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