Novation Agreement Template

This Novation Agreement (“Agreement”) is entered into on [Date], by and between:

Original Party A (Continuing Party): [Full Legal Name / Company Name]
Address: [Address]
Contact: [Phone, Email]

Original Party B (Outgoing Party): [Full Legal Name / Company Name]
Address: [Address]
Contact: [Phone, Email]

New Party (Incoming Party): [Full Legal Name / Company Name]
Address: [Address]
Contact: [Phone, Email]

Together referred to as the “Parties.”

1. Background

The Parties entered into a contract dated [Original Contract Date] (“Original Agreement”). The Parties now wish to substitute the New Party in place of the Outgoing Party, with the consent of all Parties.

2. Novation and Release

• The Outgoing Party is released from all obligations, liabilities, and claims under the Original Agreement as of the Effective Date.

• The New Party assumes all rights, obligations, and liabilities of the Outgoing Party under the Original Agreement.

• The Continuing Party consents to the substitution of the New Party in place of the Outgoing Party.

3. Effective Date

This Agreement shall take effect on [Effective Date].

4. Representations and Warranties

Each Party represents and warrants that:

• They have the authority to enter into this Agreement.

• Consent is given voluntarily and without coercion.

• No other agreements conflict with this novation.

5. Governing Law

This Agreement shall be governed by and construed in accordance with the laws of [State/Country].

6. Entire Agreement

This Agreement constitutes the entire understanding between the Parties with respect to the novation of the Original Agreement and supersedes all prior negotiations or representations.

Signatures

Original Party A (Continuing Party): __________________ Date: ________
Name/Title: [Full Name, Title]

Original Party B (Outgoing Party): __________________ Date: ________
Name/Title: [Full Name, Title]

New Party (Incoming Party): ________________________ Date: ________
Name/Title: [Full Name, Title]