The Novated Contract template is designed for use under Pakistani jurisdiction when there is a need to substitute one party to a contract with another while keeping the original contract's terms intact. This document type is commonly used in corporate restructuring, assignment of projects, or when a party wishes to transfer their contractual obligations to another entity. The agreement must comply with Pakistani contract law, particularly the Contract Act 1872, and requires proper execution including witnessing and stamping. It includes comprehensive provisions covering the transfer of rights and obligations, releases, warranties, and any specific conditions that must be met for the novation to take effect. The document is particularly relevant in situations involving corporate reorganizations, project transfers, or business acquisitions where existing contractual relationships need to be preserved but with a new party taking over.
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1. Parties: Identifies the three parties involved: the original contracting parties (Transferor and Remaining Party) and the New Party (Transferee)
2. Background: Recitals explaining the original contract, its key terms, and the intention to novate
3. Definitions: Defines key terms used throughout the agreement, including reference to the Original Contract, Effective Date, and other relevant terms
4. Novation: Core clause effecting the novation, transfer of rights and obligations from Transferor to New Party
5. Release of Original Party: Formally releases the Transferor from its obligations under the Original Contract
6. New Party Undertaking: New Party's acceptance of the rights and obligations under the Original Contract
7. Effective Date: Specifies when the novation takes effect
8. Consideration: Details of any consideration paid between the parties for the novation
9. Governing Law and Jurisdiction: Specifies Pakistani law as governing law and relevant jurisdiction for disputes
10. General Provisions: Standard boilerplate clauses including notices, entire agreement, and severability
1. Warranties and Representations: Include when specific warranties are needed from any party regarding their capacity to enter into the novation or status of the original contract
2. Regulatory Compliance: Include when the novation requires specific regulatory approvals or compliance measures
3. Tax Provisions: Include when there are specific tax implications of the novation that need to be addressed
4. Confidentiality: Include when specific confidentiality obligations need to be maintained or established
5. Costs and Expenses: Include when there needs to be specific allocation of costs related to the novation
6. Outstanding Obligations: Include when there are specific provisions needed for handling obligations that arose before the novation date
1. Schedule 1 - Original Contract: Copy or details of the original contract being novated
2. Schedule 2 - Specific Rights and Obligations: Detailed list of specific rights and obligations being transferred
3. Schedule 3 - Completion Requirements: List of any conditions or requirements that must be satisfied for the novation to take effect
4. Schedule 4 - Outstanding Matters: Details of any outstanding obligations, payments, or issues under the original contract
5. Appendix A - Required Notices: Forms of any notices required to effect the novation
6. Appendix B - Relevant Consents: Copies of any third-party or regulatory consents required for the novation
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