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.
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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
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
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
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