Sample novation agreement template
Other Names: Novation Contract Letter of Novation
What we'll cover
What is a Novation Agreement?
A Novation Agreement ends the contractual relationship between two parties (eg Party A and Party B) and starts a new contract in which one party (eg Party A) is replaced with a new party (eg Party C). Novation Agreements form a new contract on essentially the same terms as the original contract.
When should I use a Novation Agreement?
Use this Novation Agreement:
- if you want to end an existing contract between two parties and create a new contract, on the same terms as the old contract, with one new party and one of the original parties
- when there are no changes to the terms of the contract (only to the parties)
- where you want to transfer the rights, benefits, obligations and burdens of a contract to a new party
- if you’re an individual or a business
- following an asset purchase transaction or as a stand-alone agreement
Sample Novation Agreement
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