Novation and amendment letter agreement
A standard document for use as a short-form letter agreement to novate a contract and simultaneously amend its terms. This standard document is structured as a tripartite agreement to be executed as a simple contract by the outgoing party, the incoming party, and the continuing party. Its primary purpose is to transfer all rights and obligations from the outgoing party to an incoming party, which is common during corporate re-organisations or asset sales, and it also provides a framework to document changes that the incoming party and the continuing party wish to make to the new contract. This standard document provides drafting options for the release of the outgoing and continuing parties' liabilities, and optional indemnities between the outgoing and incoming parties.
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