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Novation Agreement: Transfer Contractual Rights to a New Party
A Novation Agreement is used when one party to an existing contract wants to step out and have a new party take over their place. This document allows for the substitution of one party for another, with the consent of all parties involved. It ensures a smooth handover of all rights, obligations, and responsibilities under the original agreement.
What this document covers
Novation of Agreement
The original party officially transfers their contract rights and obligations to the new party.
Assumption of Rights and Obligations
The new party agrees to fully step into the shoes of the original party and take over the contract as if they had been there from the start.
Release of Original Party
The remaining party agrees to release the original party from all future obligations under the original agreement.
Continuation of Original Agreement
All other terms of the original agreement stay in effect unless changed by the novation.
Miscellaneous Clauses
Includes confidentiality obligations, indemnities, limitations on assignment, force majeure, and standard contract protections like severability and waiver.
Governing Law and Jurisdiction
The agreement is governed by the laws of England and Wales, with disputes resolved in its courts.
Once you generate your Novation Agreement in Bind, you can eSign it and request signatures from the other parties instantly. This ensures a legally sound and efficient transition from one contract holder to another.
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