 This novation agreement template may be used to transfer the rights and obligations of one party under a contract to another person or organisation.
The consent of all three parties - the transferee, the transferor and the other contracting party - is required to effect the novation.
A novation may be contrasted with an assignment (which will only involve two parties, the assignee and the assignor). In English law, whilst the benefit of a contact may be assignable without the consent of the other party to the original contract, the burden may not. This prohibition on the assignment of the burden of a contract applies irrespective of the express terms of the contract. Hence the need for novation agreements.
Novation agreements are commonly used after a corporate transaction to regularise the contractual position of an entity that has purchased an ongoing business.
You can view a sample version of this template, containing the first few pages only, here:
Sample Novation Agreement.
You can view the specification for this template here:
Specification for Novation Agreement.
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