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Partial Novation Agreement

Partial Novation Agreement Template for Singapore

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Key Requirements PROMPT example:

Partial Novation Agreement

"I need a Partial Novation Agreement to transfer 60% of our manufacturing supply obligations to a new supplier while retaining 40% with the original supplier, with the transfer to take effect from March 1, 2025."

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What is a Partial Novation Agreement?

A Partial Novation Agreement is utilized when a party wishes to transfer some, but not all, of their contractual rights and obligations to a third party while retaining certain responsibilities. Under Singapore law, this document requires careful drafting to clearly delineate which obligations are being transferred and which are being retained. The agreement must specify the effective date of transfer, outline the continuing obligations of the original party, and include provisions for any necessary third-party consents. It's particularly useful in complex commercial arrangements where a complete transfer of contractual obligations is neither desired nor practical.

What sections should be included in a Partial Novation Agreement?

1. Parties: Identification of existing parties and new party being introduced

2. Background: Details of original agreement and reason for partial novation

3. Definitions: Key terms used throughout the agreement including defined terms from original agreement

4. Novation Provisions: Specific rights and obligations being transferred and mechanics of the transfer

5. Effective Date: When the novation takes effect and timing provisions

6. Continuing Obligations: Obligations that remain with original party and ongoing responsibilities

7. Governing Law: Specification of Singapore law as governing law and jurisdiction provisions

What sections are optional to include in a Partial Novation Agreement?

1. Conditions Precedent: Conditions that must be met before novation becomes effective, used when transfer depends on specific conditions being met

2. Security Provisions: Treatment of existing security arrangements, used when original agreement includes security arrangements

3. Costs: Allocation of costs related to novation, used when significant costs are involved in the transfer

What schedules should be included in a Partial Novation Agreement?

1. Schedule 1 - Original Agreement: Copy of the agreement being partially novated

2. Schedule 2 - Transferred Rights and Obligations: Detailed list of specific rights and obligations being transferred

3. Schedule 3 - Retained Rights and Obligations: Detailed list of rights and obligations retained by original party

4. Schedule 4 - Required Consents: List of third-party consents required for novation

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok成人版 | 3 x UCL-Certified in Contract Law & Drafting | 4+ Years Managing 1M+ Legal Documents | Serial Founder & Legal AI Author

alex.den.21@genieai.co
Relevant legal definitions




























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Industries

Singapore Contract Law: Fundamental principles based on English common law that govern formation and enforcement of contracts in Singapore, including offer, acceptance, consideration, and intention to create legal relations

Civil Law Act (Cap. 43): Primary legislation governing civil law matters in Singapore, including provisions relating to contracts, particularly formal requirements and enforceability

Contracts (Rights of Third Parties) Act (Cap. 53B): Legislation governing when third parties may enforce terms of a contract, particularly relevant for novation agreements where new parties are introduced

Common Law Novation Principles: Legal principles established through case law requiring consent of all parties, capacity to contract, clear intention to novate, and consideration (where applicable)

Sale of Goods Act (Cap. 393): Legislation governing contracts for the sale of goods, which may be relevant if the original contract involves sale of goods

Supply of Goods Act (Cap. 394): Legislation governing the supply of goods in commercial transactions, potentially relevant depending on the subject matter of the original contract

Unfair Contract Terms Act (Cap. 396): Legislation controlling the use of unfair terms in contracts, ensuring fairness in contractual relationships including novation agreements

Banking Act: Regulatory framework for banking institutions, relevant if the novation involves banking or financial services contracts

Securities and Futures Act: Regulatory framework for securities and futures markets, relevant if the novation involves investment-related contracts

Stamp Duties Act (Cap. 312): Legislation governing stamp duties payable on certain instruments, including certain types of novation agreements involving property or securities

Arbitration Act (Cap. 10): Legislation governing arbitration proceedings in Singapore, relevant if arbitration is chosen as the dispute resolution method in the novation agreement

Teams

Employer, Employee, Start Date, Job Title, Department, Location, Probationary Period, Notice Period, Salary, Overtime, Vacation Pay, Statutory Holidays, Benefits, Bonus, Expenses, Working Hours, Rest Breaks, 聽Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination, 聽Severance Pay, Governing Law, Entire Agreemen

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