Deed of Novation (Transfer of Loan Agreement)

Document Summary

A Deed of Novation involves the transfer of rights and obligations of a party under an existing contract to a third party.

This deed is intended for the transfer of a loan from the transferor to the transferee.

The document also includes a Form of Payment Letter by which the transferor requests the payment amount after the transfer of its rights and obligations to the transferee.

Description

This Agreement contains the following sections:

Preamble

1. Definitions and Interpretation
2. Consent
3. Novation
4. Investigation and Reliance
5. Confirmation and Indemnity
6. Costs
7. Notice
8. Further Assurances
9. Governing Law and Jurisdiction

Schedule 1 – Form of Payment Letter

Jurisdiction

This document is intended for use in the Emirate of Dubai.

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. 

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.