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
