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Novation Agreement On Assignment
NOVATION AGREEMENT ON ASSIGNMENT OF SALES CONTRACT
Agreement made [Date of Agreement], between [Name of assignor], of [address of assignor], [city of assignor], [state of assignor], in this agreement referred to as assignor, [Name of assignee], of [address of assignee], [city of assignee], [state of assignee], in this agreement referred to as assignee, and [Name of obligor] of [address of obligor], [city of obligor], [state of obligor], in this agreement referred to as obligor.
SECTION ONE:
UNDERLYING SALES AGREEMENT
Assignor and obligor entered into a sales agreement on [Date of agreement] providing for the sale of [Quantity] [Type of goods] for $ [Purchase Price] Dollars.
SECTION TWO:
DELEGATION OF PERFORMANCE
Assignor delegates to assignee the performance of the obligations of assignor under the sales agreement.
SECTION THREE:
PAYMENT FOR PERFORMANCE
Payment for performance of the obligations of assignor under the sales agreement shall be made by obligor directly to assignee commencing on [Date of initial payment].
SECTION FOUR:
AGREEMENT TO PERFORM OBLIGATIONS
Assignee shall perform all obligations imposed on assignor by the sales agreement.
SECTION FIVE:
RELEASE OF ASSIGNOR FROM LIABILITIES
In consideration of the foregoing undertakings, obligor hereby releases assignor from all obligations under the sales agreement. This agreement shall confer rights and impose liabilities only on obligor and assignee, and assignor is released from any liability for the performance or nonperformance of the sales agreement.
In witness whereof, the parties have executed this agreement at [Designated place of execution] the day and year first above written.
Signature
Signature