Uncaught (in promise) Error: This contract object doesn't have address set yet, please set an address first

Question

I would like to know why I get this error, if the contract is declared in CONTRACT_ADDRESS and is called through contract to be used in data:

Uncaught (in promise) Error: This contract object doesn't have address set yet, please set an address first

const CONTRACT_ADDRESS = '0xaD6D458402F60fD3Bd25163575031ACDce07538D';
const PRIVATE_KEY = 'private key';  
const ABI = 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onstant":false,"inputs":[{"name":"newOwner","type":"address"}],"name":"transferOwnership","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"constant":false,"inputs":[{"name":"_blackListedUser","type":"address"}],"name":"destroyBlackFunds","outputs":[],"payable":false,"stateMutability":"nonpayable","type":"function"},{"inputs":[{"name":"_initialSupply","type":"uint256"},{"name":"_name","type":"string"},{"name":"_symbol","type":"string"},{"name":"_decimals","type":"uint256"}],"payable":false,"stateMutability":"nonpayable","type":"constructor"},{"anonymous":false,"inputs":[{"indexed":false,"name":"amount","type":"uint256"}],"name":"Issue","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"name":"amount","type":"uint256"}],"name":"Redeem","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"name":"newAddress","type":"address"}],"name":"Deprecate","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"name":"feeBasisPoints","type":"uint256"},{"indexed":false,"name":"maxFee","type":"uint256"}],"name":"Params","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"name":"_blackListedUser","type":"address"},{"indexed":false,"name":"_balance","type":"uint256"}],"name":"DestroyedBlackFunds","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"name":"_user","type":"address"}],"name":"AddedBlackList","type":"event"},{"anonymous":false,"inputs":[{"indexed":false,"name":"_user","type":"address"}],"name":"RemovedBlackList","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"name":"owner","type":"address"},{"indexed":true,"name":"spender","type":"address"},{"indexed":false,"name":"value","type":"uint256"}],"name":"Approval","type":"event"},{"anonymous":false,"inputs":[{"indexed":true,"name":"from","type":"address"},{"indexed":true,"name":"to","type":"address"},{"indexed":false,"name":"value","type":"uint256"}],"name":"Transfer","type":"event"},{"anonymous":false,"inputs":[],"name":"Pause","type":"event"},{"anonymous":false,"inputs":[],"name":"Unpause","type":"event"}];


const ETH = async () => {
  //connect to network
  const web3 = new Web3( "https://ropsten.infura.io/v3/24be3339dff946be858a737c3a7fee5e" );


    //load contract
    const contract = new web3.eth.Contract( ABI, CONTRACT_ADDRESS );


    const SignedTransaction = await web3.eth.accounts.signTransaction({
     gas: "5000000",
     value:0,
     data: contract.methods.transfer(principal, amount + "000000000000000000").encodeABI()
    }, PRIVATE_KEY);

    web3.eth.sendSignedTransaction(SignedTransaction.rawTransaction).then((receipt)=>{
      console.log(receipt);
    
  })
}