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(1)An undertaking contained in a contract which has given rise to a third-party right may be cancelled or modified by the contracting parties.
(2)Nothing in this Act precludes a contract from providing that an undertaking, which is contained in the contract and in relation to which a third-party right has arisen, will not be cancelled or modified by the contracting parties.
(3)Subsection (1) is subject to sections 4 to 6.
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