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being novated.) Novation of Contract 3 ... Name: Title: Date: .................................................. (Name of Substitute Contract) By: ............................................. Name: Title: Date: (Attach copy of contract.................................................. (Name of Retiring Contract) By: ............................................ Name: Title: Date: By: ...............................................trument. IN WITNESS WHEREOF the parties have executed this Novation Contract the day and year first above written. ................................................... (Name of Remaining Party) .....its to the nonexclusive jurisdiction of its courts. 8. Counterparts This Novation contract may be executed in any number of counterparts. All of such counterparts taken together constitute the one insract. 7. Governing law and jurisdiction This Novation contract shall be governed by and construed in accordance with the laws of _____________[Mention State or Territory] and each of the parties subm determined to be payable in relation to the execution, delivery, performance or enforcement of this Novation contract or any payment or receipt or other transaction contemplated by this Novation contp duty The Substitute party must pay all stamp, transaction, registration, financial institutions, bank account debit and other duties and taxes (including fines and penalties) which may be payable orn and completion of, or the enforcement of, or preservation of any rights under, this Novation contract, including legal costs and expenses on a full indemnity basis. Novation of Contract 2 6. Stamr person of any of its obligations under any New Contract. 5. Expenses The Substitute party must reimburse the Continuing party for its costs and expenses of and relating to the preparation, executiothe condition, financial or otherwise, of the Continuing Party, the Substitute Party or any other person or for the performance and observance by the Continuing Party, the Substitute Party or any otheassume any responsibility with respect to the legality, validity, effectiveness, adequacy or enforceability of any the New Contract or any documents relating thereto and assumes no responsibility for nsfer (whether by way of security or otherwise) of [the Old Contract] any interest or obligation in or under the Old Contract. 4.2. The Retiring party makes no representation or warranty and does not the execution, delivery and performance of this agreement; (c) this agreement is its valid and binding obligation enforceable against it in accordance with its terms; and (d) it has made no prior tra__[ specify State or Territory of incorporation] (b) it has the corporate power to enter into and perform its obligations under this agreement and has taken all necessary corporate action to authorise of the Retiring party and the Substitute party represents and warrants to the Continuing party and to each other that: (a) it is a corporation validly existing under the laws of______________________ilities and obligations towards the other and acquire rights against each other identical in their terms to the Old Contract. 4. Representations and warranties 4.1. Representations and warranties EachOld Contract relating to any act or omission of the Retiring party on or after the Novation date. 3.2. In respect of each New Contract, the Remaining Party and the Substitute Party each undertake liabtinuing party releases the Retiring party from all its obligations under the Old Contract and all actions, claims or proceedings that it may have against the Retiring party under or in respect of the or in respect of the contract relating to any act or omission of the Substitute party on or after the Novation date. 3. Release and Undertakings 3.1. With effect on and from the Novation date, the Connified the Retiring party from and against any liability incurred by the Retiring party as a result of any action, demand, claim or proceeding against the Retiring party by the Continuing party under or in respect of the Old Contract relating to any act or omission of the Retiring party prior to the Novation date. (2) The Substitute party agrees with the Retiring party to indemnify and keep indemd the Substitute party from and against any liability incurred by the Substitute party as a result of any action, demand, claim or proceeding against the Substitute party by the Continuing party underll the rights and benefits of the Retiring party under the New Contract. 2. Indemnity Novation of Contract 1 (1) The Retiring party agrees with the Substitute party to indemnify and keep indemnifie were references to the Substitute party; and (2) the Substitute party is bound by and must comply with the provisions of the contract binding upon the Retiring party and the Substitute party enjoys at as if it had originally been a party to the contract instead of the Retiring party, and all references in the New Contract to the Retiring party in any capacity must be read and construed as if theyspect of the Old Contract. Now the Parties agree as follows: 1. Novation With effect on and from the Novation date: (1) the Substitute party is substituted for the Retiring party under the Old Contracontract. E. The Retiring Party and the Remaining Party wish to have released and discharged, as a result and to the extent of the transfer described above, their respective obligations under and in react, the subject matter of which is __________________________ dated as of ______ [date] D. The Remaining Party wishes to accept the Substitute Party as its sole counterparty with respect to the New C a New Contractual relationship (the "New Contract ") between them having terms identical to those of the Old Contract. C. The Continuing party and the Substitute party have entered into the New Contr transfer by novation of, all the rights, liabilities, duties and obligations of the Retiring Party under the Old Contract, with the effect that the Remaining Party and the Substitute Party enter intontract is attached hereto. B. With effect from and including the Novation Date, the Retiring Party wishes to transfer by novation to the Substitute Party, and the Substitute Party wishes to accept thenuing party') BACKGROUND: A. The Retiring party and the Continuing party were parties to a contract, the subject matter of which is __________________________ (the "Old Contract"), a copy of which co applicable] of ____________________ [address] (the `Substitute party') AND: ___________________[ Name of Continuing party] , [ACN and ABN, if applicable] of ____________________ [address] (the `Conti________________[ Name of Retiring party] , [ACN and ABN, if applicable] of ____________________ [address] (the `Retiring party') AND: ___________________[ Name of Substitute party] , [ACN and ABN, if materials is subject to the "Terms and Conditions" found at findlegalforms.com. NOVATION OF CONTRACT THIS CONTRACT is made the _________ day of _________ 20_____ the ("Novation Date"). BETWEEN: ___ HOWEVER USED AND ON ANY THEORY OF LIABILITY, WHETHER IN CONTRACT, STRICT LIABILITY, OR TORT (INCLUDING NEGLIGENCE OR OTHERWISE) ARISING IN ANY WAY OUT OF THE USE OF THESE MATERIALS. The use of these INDIRECT, INCIDENTAL, SPECIAL, EXEMPLARY, OR CONSEQUENTIAL DAMAGES (INCLUDING, BUT NOT LIMITED TO, PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES; LOSS OF USE, DATA OR PROFITS; OR BUSINESS INTERRUPTION)TERIALS ARE USED AT YOUR OWN RISK. IN NO EVENT WILL: I) FLF, ITS AGENTS, PARTNERS, OR AFFILIATES; OR II) THE PROVIDERS, AUTHORS OR PUBLISHERS OF ITS MATERIALS, BE RESPONSIBLE OR LIABLE FOR ANY DIRECT,PROVIDED "AS-IS" and "WITHOUT LIABILITY." FLF DOES NOT GIVE ANY EXPRESS OR IMPLIED WARRANTIES OF MERCHANTABILITY, SUITABILITY OR COMPLETENESS FOR ANY OF THE MATERIALS FOR YOUR PARTICULAR NEEDS. THE MA provide legal advice. A lawyer/solicitor should be consulted for all serious legal matters. No Lawyer-Client / Solicitor-Client relationship is created by use of these materials. THESE MATERIALS ARE situations. DISCLAIMER: FindLegalForms, Inc. ("FLF") is not a law firm and does not provide legal advice. The use of these materials is not a substitute for legal advice. Only a lawyer/solicitor cansent of the other party to the original contract; however the burden of the contract cannot be assigned irrespective of the express terms of the contract. Hence, Novation of a contract is used in suchvated the other contracting party must be left in the same position as he was in prior to the novation being made. An Assignment of a contract can only assign the benefits of a contact without the con Contract (which will only involve two parties, the Assignee and the Assignor). In a novation, the third party effectively replaces the original party as a party to the contract. When a contract is noties the Substitute Party, the Retiring Party and the other contracting party that is the Continuing Party - is required to effect the novation. A novation may be NOT be confused with an Assignment ofNOVATION OF A CONTRACT This Novation Contract may be used to transfer the rights, obligations and benefits of one party under a contract to another person or organisation. The consent of all three par