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Does a settlement agreement between an employer and a contractor bind a third party beneficiary of a collateral warranty provided by the contractor?

I would be grateful if you could please consider the below query concerning the relationship between collateral warranties and a main contract. In the event that the original parties to a main contract reach a settlement (concerning a dispute under that main contract) and a third party with a collateral warranty with one of the parties to the main contract is not involved with that settlement, but nevertheless, has a collateral warranty with one of the parties to the settlement in the main contract; will it affect the collateral warranty and the third party's right to claim against a party to the settlement under the main contract, where the settlement settles a claim that the party with a collateral warranty with one of the parties to the settlement wishes to make?
Anonymous (Private practice)

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