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Contracting tool for people who just want to get things done.
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Novation Agreement - Replace One Party in an Existing Contract
A Novation Agreement allows you to substitute a new person or company for an existing party in a contract, while keeping the original contract in place. Your Novation Agreement made in Bind creates a smooth transition when one party needs to be replaced in an existing agreement.
Your Novation Agreement made in Bind will include:
Party Information
Names and details of all three parties involved: the Original Party (who wants to leave the contract), the New Party (who will take their place), and the Remaining Party (who stays in the contract). Each party can be either a business or an individual.
Original Contract Details
Information about the existing agreement that's being modified, including its title, when it was signed, and what it covers. This establishes which obligations are being transferred.
Transfer Statement
A clear declaration that the Original Party is transferring all their rights, obligations, and responsibilities to the New Party, who accepts taking them on. This forms the core of the novation.
Assumption of Responsibilities
Confirmation that the New Party agrees to step into the Original Party's shoes and fulfill all the same duties and receive all the same benefits as if they had been part of the original contract.
Release Clause
A statement that the Remaining Party agrees to release the Original Party from further obligations once the novation takes effect, meaning the Original Party no longer has responsibilities under the contract.
Continuation Statement
Confirmation that the original agreement remains valid and continues to work as before, except for the change in parties. All other terms stay the same unless specifically changed.
General Legal Provisions
Standard legal clauses covering matters like making changes to the agreement, what happens if parts are found invalid, confidentiality requirements, and other technical legal points that protect all parties.
Governing Law
Which location's laws will apply to the agreement and which courts would handle any disputes. In Bind, you can select your preferred jurisdiction for the agreement.
Creating a Novation Agreement through Bind helps ensure a legally sound transfer of contract rights and obligations. This is particularly useful when a business is being sold, when contracts need to be reorganized within a company group, or when one party can no longer fulfill their obligations but has found someone who can. The document can be electronically signed by all parties, making the process convenient while maintaining legal validity.
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