Asset Sales Novation Deed

This deed involves three parties: the existing holder of the contract, the new party assuming the contract, and the original party to the contract. By signing the novation deed, all parties agree to discharge the original holder from any further obligations, substituting the new party into the existing contractual arrangement.

The novation process is crucial as it ensures continuity of the contract under the same conditions with a new party, offering certainty to all parties involved. This document safeguards against any legal risks that might arise due to the change in parties, while maintaining the initial commercial terms.