When an agreement between two parties is transferred by one of the parties to a new person or group, a Novation Agreement must be written to confirm that both parties agree to the original stipulations. It will also transfer all the benefits and burdens of the original contract to the new party.
For example, a Novation Agreement can be used if a bank is bought out by a competitor and will need to update mortgage agreements that will now have the new bank as the lender. This will allow the bank to take ownership of the original agreement. A Novation Agreement template can be downloaded through the link below.
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