Novation of contract
|Author(s) :||Kalina Rose|
|Short Description :||This is a precedent agreement for novation of a contract to a third party. That is, one of the original parties to the contract becomes replaced by a new party, with the consent of all parties.|
|Format :||Word document delivered by email
Page length: 3
|Published :||October, 2012|
The precedent agreement for novation of contract includes clauses relating to:
• substitution of the incoming party for the outgoing party under the original contract
• relevant indemnities, warranties and releases
• responsibility for ancillary costs e.g. stamp duty
• conditions precedent to the novation
The precedent includes author's notes addressing relevant background information and other considerations for drafters.
To preview the precedent novation of contract click here.
This precedent is also available via subscription to the Australian Encyclopaedia of Forms and Precedents.
• Assignment of a benefit of a contract
• Assignment of an interest in a trust
• Assignment of a debt
• Assignment of an interest in a professional partnership
Kalina Rose is a commodities and derivatives lawyer working on Macquarie Bank's Fixed Income, Currencies and Commodities (FICC) trading floor in London. Prior to moving to the UK, she was a barrister at the Sydney Commercial Bar.