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A family of Novation agreementsdocumentsNovation agreements

The function of a novation agreement is to substitute one of the parties to a contract, so that a new person takes on the rights and obligations of that party under the contract, while the other party to the contract remains in place. Accordingly, these novation agreements assume that there will be three parties signing: the transferor, the transferee and the counterparty. Novation agreements such as these are widely used in the context of business sales.

Novation agreement

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£16.00

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16

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Version 1.0
First published 14 Jun 2019
Last updated 14 Jun 2019
Word count 1,288
Template pages 3

Novation agreement (ab initio)

FROM

£16.00

OR

16

CREDITS
Buy
Version 1.0
First published 14 Jun 2019
Last updated 14 Jun 2019
Word count 1,310
Template pages 3

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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.

Novation agreement (ab initio) contents

  1. Definitions: definitions.
  2. Novation: transferee's obligations re novation ab initio; counterparty's obligations re novation ab initio; releases upon novation ab initio.
  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.