A Tripartite Novation Agreement is used when one party to an existing contract wishes to transfer their entire role, including both rights and obligations, to a new party. This document, governed by Singapore law, requires the explicit consent of all three parties involved: the Original Party who remains in the contract, the Outgoing Party who wishes to exit, and the Incoming Party who will take over. The agreement includes details of the original contract, the effective date of transfer, and provisions for the release of the Outgoing Party from their obligations. It's particularly useful in corporate restructuring, business acquisitions, or project transfers.
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1. Parties: Identifies the three parties: Original Party, Outgoing Party, and Incoming Party
2. Background: Details of the original agreement and reason for novation
3. Definitions: Key terms used throughout the agreement
4. Novation: Core provisions regarding the transfer of rights and obligations
5. Release and Discharge: Release of outgoing party from obligations
6. Effective Date: When the novation takes effect
7. Governing Law: Specification of Singapore law as governing law
1. Conditions Precedent: Conditions that must be met before novation becomes effective. Include when certain requirements must be fulfilled before novation.
2. Warranties: Representations about capacity and authority. Include when specific assurances are required from parties.
3. Costs: Allocation of costs related to novation. Include when costs need to be specifically addressed.
1. Original Agreement: Copy of the agreement being novated
2. Outstanding Obligations: List of remaining obligations under original agreement
3. Consent Documents: Any required third-party consents or approvals
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