Novation Agreement Template

This novation agreement template has 4 pages and is a MS Word file type listed under our legal agreements documents.

Sample of our novation agreement template:

NOVATION AGREEMENT This Novation Agreement (the "Agreement") is effective [DATE], BETWEEN: [YOUR FULL NAME] (the "First Party"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [COMPLETE ADDRESS] AND: [SECOND PARTY NAME] (the "Second Party"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] AND: [THIRD PARTY NAME] (the "Third Party"), a company organized and existing under the laws of the [State/Province] of [STATE/PROVINCE], with its head office located at: [YOUR COMPLETE ADDRESS] WHEREAS the First Party and the Second Party have come into agreement to extinguish the original contract and supplement it with a new one. WHEREAS the Third Party takes up the rights and obligations of the First or Second Party, as defined in the new contract. WHEREAS the First and Second Party agree and consent to the Third Party assuming all liability and obligations in respect of the Contract from the Effective Date (as defined below). NOW THEREFORE, in consideration of the premises and of the mutual agreements contained in this Agreement, the Parties hereto agree as follows: NOVATION As of the Effective Date, the First or Second Party transfers to the Third Party all of its rights, benefits and obligations under the Contract, including: [LIST RIGHTS, BENEFITS AND OBLIGATIONS BEING TRANSFERRED TO THIRD PARTY] The Third Party agrees to perform and comply with the Contract and to be bound by its terms in every way as if the Third Party were the original Party to the Contract in place of the First or Second Party. The Third Party accepts their liability under the Contract in place of the liability of the First or Second Party. RELEASE OF OBLIGATIONS AND LIABILITIES From the Effective Date, the First Party and the Second Party release and discharge each other from all future obligations to the other under this Agreement, including: [LIST RIGHTS, BENEFITS AND OBLIGATIONS BEING RELEASED] Nothing in this Agreement shall affect or prejudice any claim or demand that the First Party may have against the Second Party or the Second Party against the First Party with respect to matters occurring prior to the Effective Date. PAYMENTS FALLING DUE The First Party shall pay the Second Party any sums under the Contract falling due for payment before the Effective Date, in accordance with the payment terms set out in the Contract. For the avoidance of doubt, the due date in respect of any payment referred to in clauses 3.1 shall be determined in accordance with the terms of the Contract