Assignment and Assumption Agreement and Optional Novation | Practical Law

Assignment and Assumption Agreement and Optional Novation | Practical Law

An agreement to be used when a party transfers specified contracts to another party, including an assignment of all of its contractual rights and delegation of all of its contractual duties. This form contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. It also includes common representations and warranties, indemnification provisions, and refund of escrow deposits found in assignment and assumption agreements. This Standard Document has integrated notes with important explanations and drafting tips.

Assignment and Assumption Agreement and Optional Novation

Practical Law Standard Document 6-519-2171 (Approx. 21 pages)

Assignment and Assumption Agreement and Optional Novation

by Practical Law Commercial Transactions
MaintainedUSA (National/Federal)
An agreement to be used when a party transfers specified contracts to another party, including an assignment of all of its contractual rights and delegation of all of its contractual duties. This form contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. It also includes common representations and warranties, indemnification provisions, and refund of escrow deposits found in assignment and assumption agreements. This Standard Document has integrated notes with important explanations and drafting tips.