|Author: ||Alasdair Taylor |
|Updated: ||18 January 2023 |
|Length: ||4 pages |
|Notes: ||3 |
|Format: ||MS Word (.DOCX) |
This novation agreement template may be used to transfer the rights and obligations of one party under a contract to another person or organisation.
Novations are a common aspect of the sale and purchase of a business.
Under this template, the transfer of rights and obligations takes effect from a specified date, which date must be at some point after the coming into force of the original contract.
If you are looking to transfer the contract "ab initio" (i.e. to create a legal fiction that the transferee was the original contracting party, not the transferor) you should consider our ab initio novation contract precedent instead.
A copy of this novation agreement is included with the premium version of our business pack.