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Novation Contract

Novation Contract Template for Singapore

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Key Requirements PROMPT example:

Novation Contract

"Need a Novation Contract under Singapore law to transfer our software development agreement from ABC Tech Pte Ltd to our new subsidiary XYZ Solutions Pte Ltd, with completion targeted for March 2025."

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Document background
A Novation Contract is essential when there's a need to transfer all rights and obligations under an existing contract to a new party. Under Singapore law, this document is commonly used in corporate restructuring, business acquisitions, or when project responsibilities need to be transferred. The agreement ensures a clean break for the outgoing party while maintaining contractual continuity for the remaining party. It must comply with Singapore contract law requirements, including the need for consideration and proper execution by all parties.
Suggested Sections

1. Parties: Identification of original contracting party, new party, and continuing party

2. Background: Details of original contract and reason for novation

3. Definitions: Key terms used in the agreement including 'Effective Date' and 'Original Contract'

4. Novation: Core clause effecting the transfer of rights and obligations

5. Release and Discharge: Release of original party from obligations

6. Effective Date: When the novation takes effect

Optional Sections

1. Warranties: Representations about capacity to enter agreement and other assurances needed about parties' authority

2. Costs: Provisions detailing who bears the costs of the novation process

3. Governing Law and Jurisdiction: Specification of choice of law and courts, particularly relevant when international elements exist

Suggested Schedules

1. Original Contract: Copy of the contract being novated

2. Outstanding Obligations: List of remaining obligations under original contract

3. Consent Documents: Any required third-party consents and approvals

Authors

Alex Denne

Head of Growth (Open Source Law) @ tiktok³ÉÈË°æ | 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: Primary legislation (Cap. 53) governing contract formation and enforcement, based on English common law principles including offer, acceptance, consideration, and intention to create legal relations

Misrepresentation Act: Cap. 390 - Governs false statements made during contract formation and provides remedies for misrepresentation in contracts

Civil Law Act: Cap. 43 - Fundamental legislation governing civil matters in Singapore, including aspects of contract law and remedies

Limitation Act: Cap. 163 - Sets time limits for bringing legal claims, relevant for enforcement of contractual rights and obligations

Electronic Transactions Act: Cap. 88 - Governs electronic signatures and digital contracts, relevant if the novation agreement will be executed electronically

Stamp Duties Act: Cap. 312 - Relevant if the novation involves transfer of property or shares that may attract stamp duty

Choice of Court Agreements Act: Relevant for international contracts, governs the enforcement of exclusive choice of court agreements in international cases

Novation Requirements: Common law principles requiring consent of all parties, extinguishment of original contract, creation of new contract, and consideration

Industry-Specific Regulations: Depending on contract subject matter, specific industry regulations may apply (e.g., financial services, telecommunications)

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,  Leaves of Absence, Confidentiality, Intellectual Property, Non-Solicitation, Non-Competition, Code of Conduct, Termination,  Severance Pay, Governing Law, Entire Agreemen

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