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The Novation Agreement is used to transfer the rights and responsibilities to the third party. Thus, this template begins with the brief introduction of the transition. Two major parts are composing into the core content of this agreement. The first part is the facts and the second part is the agreement clauses. At the end of this template, there are two certificates which are needed to be signed. You can take this template from our website for free.

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NOVATION AGREEMENT

The ______________________________ (Transferor), a corporation duly organized and

existing under the laws of ____________________[insert State] with its principal office in

______________________ [insert city]; the _____________________ (Transferee), [if

appropriate add “formerly known as the _____________________ “] a corporation duly

organized and existing under the laws of _______________ [insert State] with its principal office

in _____________ [insert city]; and the Washington Metropolitan Area Transit Authority

(WMATA) inter into this agreement as of ___________________ [insert the date transfer of

assets becomes effective under applicable State law].

(a) THE PARTIES AGREE TO THE FOLLOWING FACTS:

1. WMATA has entered into certain contracts with Transferor, namely:

________________________ [insert contract or purchase order

identifications]; or delete “namely” and insert “as shown in the attached

list marked Exhibit A and incorporated in this Agreement by

reference”]. The Term “THE CONTRACTS,” as used in this Agreement,

means the above contracts and purchase orders, including all modifications,

made between WMATA and the Transferor before the effective date of this

Agreement (whether or not performance or payment have been completed

and releases executed if WMATA or the Transferor has any remaining rights,

duties, or obligations under these contracts and purchase orders). Included

in the term “THE CONTRACTS” are also all modifications made under the

terms and conditions of the contracts and purchase orders between WMATA

and the Transferee, on or after effective date of this Agreement.

2. As of _______________20______, the Transferor has transferred to the

Transferee all of the assets of the Transferor by virtue of a ___________

[insert term descriptive of the legal transaction involved] between the

Transferor and Transferee.

3. The Transferee has accepted all the assets of the Transferor by virtue of the

above transfer.

4. The Transferee has assumed all obligations and liabilities of the Transferor

under the contracts by virtue of the above transfer.

5. The Transferee is in a position to fully perform all obligations as they may

exist under the contracts.

6. It is consistent with WMATA’s interest to recognize the Transferee as the

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