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