Deed Of Novation Template Uk

Deed of novation of contract practical law uk standard document 7 381 3101 approx.

Deed of novation template uk. Other names for letter assigning a contract. This letter assigning a contract is governed by the law of england and wales or the law of scotland. Use this novation agreement also known as deed of novation to transfer one party rights and obligations under an agreement to a new third party. For example a website hosting service provider sells its uk contracts or a white goods retailer sells its maintenance contracts.

There is no contract in place. There are changes to the terms of the contract to be transferred and you need to begin a new contract instead. This deed of novation can be used to novate any type of commercial contract. The old parties wish to continue in the contract.

This deed is equally useful to novate any type of commercial contract. Use this novation agreement when one party allows one party wants to be replaced or substituted in the original contract by another. This novation agreement template can be used where a party to an existing contract wants to transfer the obligations and the benefits of the contract to a third party and the third party wishes to take on those benefits and obligations. Commonly it is used to assign a large number of customer contracts from the seller of a business to the buyer either where novation is impractical or where the original contracts allow assignment.