Novate a contract

About this business activity

Novation can be used to transfer, modify, or terminate a contract. It can be helpful when the original contracting parties can't fulfill their obligations, the terms of the contract need to be changed, or the parties involved can't work together anymore.

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Relevant Contract Types

βœ’οΈ Deed of novation of contract

A deed of novation is a document that is used to transfer all of the rights and obligations under a contract from one party to another. This is typically done when the original party is unable to fulfill their obligations under the contract, and the new party is willing to take on those obligations. The deed of novation must be signed by all parties to the original contract in order for it to be valid.

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