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Novation agreement

Under this novation agreement, a party to an existing contract may transfer all of that party's rights and obligations under the existing contract to another person. The other person, the transferee, will effectively step into the shoes of the transferring party as at a moment in time specified in the novation agreement.

Optional provisions in the agreement cover indemnities, third party rights and documentary counterparts.

A copy of the contract that is being novated should be annexed to the novation agreement.

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Novation agreement contents

  1. Definitions: definitions.
  2. Novation: transferee's obligations re novation; counterparty's obligations re novation; releases upon novation; pre-existing claims on novation.
  3. Indemnity: first party indemnifies second party upon breach of novated contract.
  4. Third party rights: third party rights: benefit; third party rights: exercise of rights.
  5. Counterparts: counterparts.
  6. Law and jurisdiction: governing law; jurisdiction.

ATTACHMENT 1 (COPY OF TRANSFERRING CONTRACT)

    Prompt to insert transferring contract.