The date of this Agreement is [Day] of [Month], 20[Year] (the “Signing Date”)
This is an agreement between:
- [Released Party Name] with its registered office at [Registered Office Address] (“We/Us” in this Agreement); and
- [Releasing Party Name] with its registered office at [Registered Office Address] (“You” in this Agreement); and
- [Continuer Name] with its registered office at [Registered Office Address] (the “Continuer” in this Agreement).
- 2.1 We have a previous Agreement with You dated [Insert Contract Date] (“the Contract”).
- 2.2 We have agreed with the Continuer in an agreement with them dated [Insert Contract Date] that the Continuer will buy all of our assets and take over responsibility for our business commitments
- 2.3 This means that we wish to be released completely from the Contract as from [Insert Release Date] (the “Release Date”) so that We are no longer responsible for performing the Contract, and You have agreed to release Us from the Release Date, as long as the Continuer agrees to perform the Contract and be bound by the terms of the Contract in place of Us.
- 2.4 In legal terms this arrangement, is called a “Novation”.
- 3.1 From the Release Date, the Continuer agrees with both You and Us to perform the Contract and be bound by all its terms as if the Continuer was a signatory to the Agreement in place of Us.
Also included in this document:
5. Pre-Existing Claims and Indemnity
6. Which Law System applies and the Place for Disputes