Fillable Printable Subcontract Novation

Subcontract Novation

SUBCONTRACT NOVATION

______________________________ (Transferor), a corporation/partnership/sole proprietorship organized and

existing under the laws of the State of ____________________, and __________________________

(Transferee), a corporation/partnership/sole proprietorship organized and existing under the laws of the State of

_____________________, and _________________________ (Buyer) enter into this agreement

on _______________ (date), hereby agree that:

1. ____________________ (Buyer) entered into Subcontract(s) listed below, with ___________________

(Transferor),

2. That as of ________________ (date), Transferor has transferred to Transferee all assets, and evidence of this

transfer and all required supporting documentation has been submitted to Buyer,

3. Transferee has acquired all assets and assumed all obligations and liabilities of Transferor under the below

listed Subcontract(s),

4. Transferee is capable of performing all obligations of the Subcontract(s) listed below, and

5. It is consistent with Buyer’s interest to recognize and acknowledge Transferee as the successor party to the

below listed Subcontract(s).

In consideration of thesefacts, the parties agree as follows:

6. Transferor confirms the transfer to Transferee, and waives anyclaims and rights that it now has or may have

in the future against Buyer with respect to the below listed Subcontract(s), and

7. Transferee agrees to be bound byand to perform all work required by the below listed Subcontract(s), in

accordance with all terms and conditions of those orders.

8. Transferorguarantees full performance of the below listed Subcontract(s) by Transferee.

9. Transferor and Transferee must comply with all Federal, State, and local laws, rules, regulations, and

ordinances.

Affected Subcontract(s): _____________________

_____________________

By: _________________________ Date: _________

Name & Title: _______________________________

__________________________________(Transferor)

By: _______________________ Date:__________

Name & Title: _______________________________

__________________________________(Transferee)

By: ____________________________Date:________

Name & Title: _____________________________

_________________________________________

(Contract Specialist)