A simple novation agreement to novate the rights and obligations of the transferor to the transferee with the consent of the counterparty. A partial transfer of all the transferor's rights and release the transferor's obligations under the Agreement to that extent. The transferor otherwise continues as a party to the Agreement.
Transferor and Counterparty entered into an <? echo $AGREEMENT; ?> agreement dated <? echo $DATE; ?> (the Agreement).
Transferor has agreed to transfer the Agreement to Transferee for the consideration of the parties incurring obligations and giving rights under this Novation Agreement and the Agreement and for other valuable consideration.
Except as specified otherwise in this Novation Agreement, Transferor wishes to be released and discharged from the Agreement and the parties have agreed to the novation of the Agreement and to the addition of Transferee as a party to the Agreement, and its assumption of certain rights and obligations in place of Transferor.
This document should be carefully read by the Seller and the Buyer.
Both parties should sign and return a copy, and once signed, both parties should get a copy. To avoid any future disputes, both parties may wish to have their signatures witnessed.
If either party wishes to amend the agreement in the future, both parties should agree to do so, and the original agreement and amendments should be recorded in writing and signed by both parties.
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