Fillable Printable Novation Agreement

Novation Agreement

NOVATION AGREEMENT

The______________________________ (Transferor),acorporationdulyorganizedand

existingunderthelaws of ____________________[insertState]withitsprincipalofficein

______________________ [insertcity];the_____________________ (Transferee),[if

appropriateadd“formerlyknown as the _____________________ “] a corporation duly

organizedandexistingunderthelawsof_______________ [insertState]withitsprincipaloffice

in_____________ [insertcity];andtheWashingtonMetropolitanAreaTransit Authority

(WMATA)interintothisagreementasof___________________ [insertthedatetransferof

assets becomes effective under applicable State law].

(a)THE PARTIES AGREE TO THE FOLLOWING FACTS:

1.WMATAhasenteredintocertaincontractswithTransferor,namely:

________________________ [insertcontractorpurchaseorder

identifications];ordelete“namely”andinsert“asshownintheattached

listmarkedExhibitAandincorporated in this Agreement by

reference”]. The Term“THECONTRACTS,”asusedinthisAgreement,

meanstheabovecontractsandpurchaseorders,includingall modifications,

madebetweenWMATAandtheTransferorbeforetheeffectivedateofthis

Agreement(whetherornotperformance or payment have been completed

andreleasesexecutedifWMATAortheTransferorhasanyremainingrights,

duties,orobligationsunderthesecontractsandpurchaseorders). Included

intheterm“THECONTRACTS”arealsoall modifications madeunderthe

termsandconditionsofthecontractsandpurchaseordersbetweenWMATA

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

2.Asof_______________20______, the Transferor has transferred to the

Transfereeall oftheassetsof the Transferor by virtue of a ___________

[inserttermdescriptiveof the legal transaction involved]betweenthe

Transferor and Transferee.

3.The Transferee has accepted all the assets of the Transferor byvirtue of the

above transfer.

4.TheTransfereehasassumedall obligations and liabilities oftheTransferor

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.Itisconsistent with WMATA’s interest to recognize the Transferee as the

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successor party to the contracts.

7.Evidenceoftheabovetransferhasbeenfiledwith WMATA.[Whena

change ofnameisalsoinvolved;e.g.,a priororconcurrentchange ofthe

Transferee’sname,anappropriatestatementshallbeinserted(see

example in paragraph (8) below)].

8.Acertificatedated_____________20_____, signedbytheSecretaryofState

of__________________ [insertState], totheeffectthatthecorporatename

of_________________ was changed to ________________ on

________________ 20_________, has been filed with WMATA.

(b)INCONSIDERATIONOFTHESEFACTS,THEPARTIESAGREETHAT

BY THIS AGREEMENT-

1.TheTransferorconfirmsthetransfertotheTransferee,andwaivesany claims

andrightsagainstWMATAthatitnowhasormayhaveinthefuturein

connection with these contracts.

2.The Transferee agrees to be bound by and to perform each contract in

accordancewithetheconditionscontainedinthecontracts. The Transferee

also assumes all obligations and liabilities of, and all claims against, the

TransferorunderthecontractsasiftheTransfereewastheoriginalpartyto

the contracts.

3.TheTransfereeratifiesall previousactionstakenbythe Transferor with

respecttothecontracts,withthesameforceandeffectas if the action had

been taken by the Transferee.

4.WMATArecognizestheTransferee as the Transferor’s successor in the

interest in andtothecontracts. The Transferee by the Agreement becomes

entitled toall rights,titles, and interests of the Transferor in and to the

contractsasiftheTransfereeweretheoriginal party to the contracts.

Following, the effective date of this Agreement, the term“CONTRACTOR”

as used in the contracts, shall refer to the Transferee.

5.Except as expressly provided in this Agreement, nothing in it shall be

construed as a waiver of any rights of WMATA against the Transferor.

6.All payments and reimbursements previously made by WMATA to the

Transferor,andall other previous actions taken by WMATA under the

contracts, shall be considered tohavedischargedthoseparts of WMATA’s

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obligationsunderthecontracts. All payments and reimbursements made by

WMATAafterthedateofthisAgreementinthenameofortotheTransferor

shall have the same force and effect as if made to the Transferee and shall

constitute a complete discharge of WMATA’s obligations under the

contracts, to the extent of the amounts paid or reimbursed.

7.TheTransferorandTransfereeagreethatWMATAisnotobligatedtopayor

reimburseeitherofthemorotherwisegiveeffecttoanycosts, taxes,orother

expenses, oranyrelatedincreases,directlyorindirectly arising out of or

resulting fromthetransferorthisAgreement,otherthanthosethatWMATA

intheabsenceofthistransferorAgreementwould havebeenobligatedtopay

or reimburse under the terms of the contracts.

8.The Transferor guarantees payment ofall liabilities and the performance of

all obligations thattheTransferee(i)assumesunderthisAgreement;or(ii)

mayundertake in the future should these contracts be modified under their

termsandconditions. The Transferor waives notice of, and consents to, any

such future modifications.

9.Thecontractsshallremaininfullforceandeffect,except asmodifiedbythis

Agreement. EachpartyhasexecutedthisAgreementasoftheday and year

first above written.

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WASHINGTON METROPOLITAN AREA TRANSIT AUTHORITY,

By ______________________________________________________

Title ______________________________________________________

______________________________________________________

[insert previous Corporation name]

By______________________________________________________

Title______________________________________________________

[CORPORATE SEAL]

______________________________________________________

[insert current Corporation name]

By _______________________________________________________

Title_______________________________________________________

[CORPORATE SEAL]

NOVATION AGREEMENT

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CERTIFICATE

I,___________________________, certifythatIamtheSecretary of

__________________;that_____________________, whosignedthisAgreement

forthiscorporation,wasthen____________________ ofthiscorporation;andthat

thisAgreementwasdulysignedforandon behalfofthiscorporationbyauthorityof

its governing body and within the scope of its corporate powers. Witness my hand

and the seal of this corporation this day of __________________ 20______.

By_______________________________________________________

[CORPORATE SEAL]

CERTIFICATE

I, __________________________, certify that I am the Secretary of

__________________; that ____________________, who signed this Agreement for

thiscorporation,wasthen___________________ ofthiscorporation;andthatthis

Agreementwasdulysignedforand on behalfofthiscorporation byauthority of its

governingbody,andwithinthescopeofitscorporatepowers. Witness my hand and

seal of this corporation this ate of ___________________ 20_____.

By _________________________________________________________

[CORPORATE SEAL]