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NOVATION AGREEMENT

This Agreement is made [DATE] between [CREDITOR NAME] of [CREDITOR ADDRESS] ("Creditor"), [ORIGINAL DEBTOR NAME], at [DEBTOR 1 ADDRESS] ("Original Debtor"), and [NEW DEBTOR NAME], at [DEBTOR 2 ADDRESS] ("New Debtor").

WHEREAS, Creditor is entitled to payment of [AMOUNT OWED] ($_________) from Original Debtor in consideration of [DESCRIBE GOODS/SERVICES] provided by Creditor under a contract, referred to as the Original Contract, dated [CONTRACT DATE] between Creditor and Original Debtor; and

WHEREAS, Original Debtor desires to be discharged from the obligation contained in the Original Contract, and Creditor desires to release Original Debtor from the obligations of the Original Contract, if New Debtor takes the place of Original Debtor as debtor of Creditor for the payment described under the Original Contract,

NOW, THEREFORE, in consideration of the mutual covenants and promises contained herein, the parties agree as follows:

1.     New Debtor shall pay the sum owed by Original Debtor to Creditor according to the provisions of the Original Contract. Such payments shall commence on [START DATE].

2.    Creditor discharges Original Debtor from all claims that have arisen or may arise in connection with the Original Contract, and Creditor accepts the liability of New Debtor in lieu of the liability of Original Debtor.

3.    This Novation Agreement supersedes the Original Contract entered into by Creditor and Original Debtor, and all the rights and obligations under the Original Contract are completely extinguished.

4.    This Novation Agreement has been executed in triplicate, and all the parties to this Novation Agreement have received a signed copy of it. Creditor, Original Debtor and New Debtor each consent to all the provisions of this Novation Agreement.

[ADD BOILERPLATE PROVISIONS IF DESIRED]

IN WITNESS WHEREOF, the parties have executed this Novation Agreement on the date shown below:

[CREDITOR]

By: _______________________________    Date: _______________________________
Name: _______________________________
Title: _______________________________

[ORIGINAL DEBTOR]

_______________________________    Date: _______________________________
Name: _______________________________
Title: _______________________________

[NEW DEBTOR]

By: _______________________________    Date: _______________________________
Name: _______________________________
Title: _______________________________

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