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Novation of Sales Agreement
Introduction. Agreement made on [date] by and among [name], with
principal place of business at [address] (Seller), [name], with
principal place of business at [address] (Buyer), and [name], with
principal place of business at [address] (Substituted Party).
1. Description of Sales Agreement. Seller has entered into a
sales agreement dated [date], involving the sale of [description of
goods to be sold] (the Sales Agreement), with Buyer. A copy of the
Sales Agreement is attached hereto [omitted].
2. Assignment of Rights; Delegation of Duties. The parties to
this Agreement hereby substitute Substituted Party for Seller (or,
Buyer) in the Sales Agreement. Substituted Party hereby acquires all
the rights and assumes all the duties of Seller (or, Buyer) under the
Sales Agreement. Substituted Party hereby promises to perform
faithfully and fully all the duties delegated to Substituted Party
3. Novation. In consideration of the promises herein
contained, Seller (or, Buyer) is fully relieved of any and all further
obligations to perform under the Sales Agreement and is fully relieved
of any and all further liability to Buyer (or, Seller) arising out of
the Sales Agreement.
*** If Required By State Law ***
This Section for Notary:
State of _________
County of ________ [COUNTY]
On [DATE] before me, [NAME OF NOTARY], notary, personally appeared [NAME OF PERSON(S) INVOLVED], personally known to me (or proved to me on the basis of satisfactory evidence) to be the person(s) whose name(s) is/are subscribed to the within instrument and acknowledged to me that he/she/they executed the same in his/her/their authorized capacity(ies), and that by his/her/their signature(s) on the instrument the person(s), or the entity upon behalf of which the person(s) acted, executed the instrument.
Witness my hand and official seal.
My commission expires: _____