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Redemption of weekly payment by agreement.
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49.—Where the amount of a weekly payment to be made under this Act by an employer to a workman has been fixed by the Court or by agreement between the parties, and the parties enter into an agreement (in this Act referred to as a redemption agreement) whereby in consideration of the payment of a lump sum by such employer to such workman, the latter agrees to release the former from his liability to continue to make such weekly payment, such agreement shall not, nor shall the payment of such lump sum unless and until such agreement is duly registered under this Act, operate to release such employer from his liability to continue to make such weekly payment, but on being so registered shall operate and have effect accordingly to release such employer from such liability as from the date specified in that behalf in such agreement.
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