Novation Agreement

Document Summary

This novation agreement represents an amendment to a previous agreement whereby an existing obligation is replaced by a new obligation whether by the replacement of a debtor by a new debtor to pay the debt or a creditor by a new creditor to receive the amounts according to the agreement of the parties concerned. Based on this, the first obligation is terminated and is replaced by the new obligation (with the possibility of the outgoing party and the incoming party remaining jointly liable in implementing the obligations.

Description

The agreement includes terms regarding the incoming party's undertaking to perform the agreement and be bound by its terms, releases of liability, pre-existing claims, indemnities, and governing law and jurisdiction.

This agreement includes the following sections:

1. Incoming Party’s Undertaking
2. Acceptance and Releases
3. Pre-existing Claims
4. Indemnities
5. Governing Law and Jurisdiction
6. Language 

Jurisdiction

This agreement is intended for use in the United Arab Emirates.

Before Execution

• The information on this front page or contained in the headers and footers of this instrument are for guidance purposes only.
• Please delete this front page together with the information contained in the headers, footers and the endnotes prior to circulating this letter. Where square brackets […] and highlights are used in the document, it indicates that there is missing or incomplete information which will need to be incorporated prior to signature.
• Please remove the square brackets and all highlighting prior to signature.

Disclaimer

This document is provided for reference only and is not intended to be, and should not be considered, legal advice. Determinations about whether this document will be appropriate in your particular situation or jurisdiction should be made after consultation with a legal counsel. Kanoony will not assume any legal liability that may arise from the use of this document.