Examples of Incoming Party in a sentence
You must accept performance by the Incoming Party in place of performance by us.
In this deed: Building Contract means the design and construct contract between the Outgoing Party and the Incoming Party.
The Continuing Party consents to the novation of the Contract under the Contract to the Incoming Party on the terms of this deed.
The Outgoing Party consents to being substituted by the Incoming Party as a party to the Contract and agrees to comply with all of the obligations of the Outgoing Party and be bound by the liabilities of the Outgoing Party due and arising under the Contract before the Effective Date.
The parties have therefore agreed to novate the Outgoing Party's rights, obligations and liabilities under the Contract to the Incoming Party on the terms of this Agreement with effect from the date the Continuing Party dates and signs this Agreement (Effective Date).
The Continuing Party has agreed to release the Outgoing Party from liability for any failure by the Outgoing Party to perform its obligations under the Contract before the Effective Date, provided that the Incoming Party assumes liability for those failures in the Outgoing Party's place.
The Outgoing Party has agreed to assign its rights and transfer its obligations under the Contract to the Incoming Party.
From the Effective Date all references to the Outgoing Party in the Contract shall be read and construed as references to the Incoming Party.
The Incoming Party shall enjoy all the rights and benefits of the Outgoing Party under the Contract, including its status as an additional Party under the Framework Agreement and any authorisations and qualifications it has obtained under the Code and which are linked to its status as a Party in the BSC Systems at the time of transfer.
The Incoming Party must perform all of the Developer’s obligations under the VPA as if named as the Developer, whether or not the relevant obligations relate to works that were to be performed prior to the date of this Deed, including the delivery of all Public Benefits to Council.