Deed Of Novation (Page 2 of 6) in pdf

Deed Of Novation Page 2

DEED OF NOVATION Template

THIS NOVATION AND INDEMNITY (hereinafter referred to as the “Deed”) is made the

day of

200

Between

THE COMMONWEALTH OF AUSTRALIA as represented by the Department of Foreign

Affairs and Trade, R.G. Casey Building, John McEwen Crescent, Barton, ACT, 0221

(hereinafter called “the Commonwealth”)

) (hereinafter called “

”)

And XXXX (ABN

) (hereinafter called “

”)

And YYYYYY (ABN

RECITALS:

The Commonwealth and the

XXXX entered into a contract entitled

“

“ dated

Number […INSERT NUMBER…] (herein after

called the “Principal Agreement”).

XXXX wishes to novate the Principal Agreement to YYYYYY

YYYYYY is in a position to fully perform all obligations that exist under the

Principal Agreement.

The Commonwealth has agreed to such novation in accordance with the terms of

this Deed.

IT IS NOW AGREED BETWEEN THE PARTIES AS FOLLOWS:

INTERPRETATION & DEFINITIONS

1.1

In this Deed, unless the contrary intention appears:

“Effective Date” means the date of this Deed, or if signed on separate days, the

date of last signature.

“Working Day” in relation to the doing of an action in a place, means any day

other than a Saturday, Sunday or public holiday in that place.

NOVATION

2.1

The parties agree that on and from the Effective Date, XXXX novates the

Principle Agreement to YYYYYY on the terms set out in this Deed.

2.2

The parties further agree that, with effect from the Effective Date:

YYYYYY is substituted for XXXX under the Principal Agreement, where

applicable, as if YYYYYY had originally been the party to the Principal

Agreement instead of XXXX; and

XXXX directs the Commonwealth to pay any amounts payable to XXXX

under the Principal Agreement to YYYYYY , as applicable, and agrees that

the receipt of those amounts by YYYYYY is full and sufficient discharge for

any payments.

Deed Of Novation Page 2

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