This Novation Contract is for use when transferring the rights, obligations and benefits of one party under a contract to another person or organisation. The consent of all three parties (substitute, retiring and contracting) is required in order for the novation to take effect. A novation should not be confused with an assignment of contract; in a novation, the third party effectively replaces the original party as a party to the contract. A written Novation Agreement will prove valuable in the event of disagreements, misunderstandings or litigation.

Among others, this Novation Contract includes the following provisions:

• Parties to the Agreement: This provision contains the identity and names of the parties entering into the novation agreement;
• Novation: This provision specifically sets out the parties to be substituted and the parties to be retired;
• Indemnity: This provision indemnifies the substituting party from any act or omission by the retiring party prior to the novation date;
• Representations and Warranties: This provision sets out the specific representation and warranties of the parties.

Protect Yourself, your Rights and your Property by using our professionally prepared up-to-date forms.

This lawyer-prepared packet contains:

1. General Information
2. Novation Contract

Law Compliance: This form complies with the state and territory laws of Australia