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Novation Agreement
NOVATION AGREEMENT
Agreement made [Date of agreement] between and among the following parties:
1. Seller: [Name of Seller], of [Address of Seller], [City of Seller], [State of Seller], referred to here as seller.
2. Buyer: [Name of Buyer], of [Address of Buyer], [City of Buyer], [State of Buyer], referred to here as buyer.
3. Party in Substitution: [Name of Party in Substitution], of [Address of Party in Substitution], [City of Party in Substitution], [State of Party in Substitution], referred to here as party in substitution.
SECTION ONE:
CONTRACT SUBJECT TO THIS AGREEMENT
This novation agreement is entered into with reference to a contract of sale entered into between seller and buyer, dated [Date of novation agreement], involving the sale of the following goods: [Description of goods].
A copy of the contract of sale, marked Exhibit [Exhibit Number for original contract], is attached to this agreement.
SECTION TWO:
NOVATION AGREEMENT
It is agreed by all parties to this novation agreement that party in substitution shall be substituted for [Buyer or seller] in the above-referenced contract of sale. Party in substitution shall acquire all the rights and become obligated to perform all the duties of [Buyer or seller] that are here fully assigned and delegated to party in substitution, who undertakes full performance of the above-referenced contract of sale in the place of [Buyer or seller] and makes a separate promise to faithfully and fully so perform.
SECTION THREE:
RELEASE OF BUYER OR SELLER FROM LIABILITIES
In consideration of this novation, [Buyer or seller] shall be relieved of any and all further obligations to perform under the above-referenced contract of sale and shall be fully relieved of further liability to any other party to this novation agreement arising out of the above-referenced contract of sale.
In witness whereof, the parties have executed this agreement at [Designated place of execution] the day and year first above written.
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