NOVATION AGREEMENT

 

 

 

Agreement made _____________ (date) between and among the following parties:

 

 

1. Seller: __________________ (name), of _________________________ (address), _________________ (city), ______________ (county), __________________ (state), referred to here as seller.

 

2. Buyer: __________________ (name), of _________________________ (address), _________________ (city), ______________ (county), __________________ (state), referred to here as buyer.

 

3. Party in Substitution: ___________________ (name), of ______________________ (address), __________________ (city), _______________ (county), ______________ (state), 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 ________________, involving the sale of the following goods: ________________________________________________________________.

A copy of the contract of sale, marked Exhibit __________, is attached to this agreement.

 

 

SECTION TWO:

NOVATION AGREEMENT

 

It is agreed by all parties in 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 _________________ (designate place of execution) the day and year first above written.

 

 

_______________________

Signature

 

 

_______________________

Signature