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Deed of Novation

Document Type
DOCX
Pages
4
Price: KES 350
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Document Overview

A Deed of Novation is a formal legal instrument that substitutes one party in an existing contract with another, transferring both rights and obligations. It differs from an assignment because it requires consent of all parties and extinguishes the original contractual relationship.

Purpose:
1. To replace one contracting party with another without terminating the underlying agreement.
2. To ensure continuity of contractual rights and duties (useful in mergers, acquisitions, outsourcing, or restructuring).
3. To provide a legally enforceable release for the outgoing party.
4. To create clear liability boundaries among the parties under Kenyan contract law.

Key Components:
1. Parties and background (recitals)
2. Definition of the Original Agreement
3. Novation clause transferring rights and obligations
4. Release and discharge
5. Warranties and representations
6. Continuity of existing terms
7. Governing law (Kenya)
8. Execution as a deed
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