Sample a Novation Agreement

This Novation Agreement ("Agreement") is made on this ___ day of __________, 2025,

BETWEEN

1. Lawrence Christopher, of No. 2 Mascoe Road, Harcourt, Nigeria (hereinafter referred to as the "Original Party 1"),

2. Osakwe Precious, of No. 13 Abacha Road, Port Harcourt, Nigeria (hereinafter referred to as the "Original Party 2"),

3. Mr. John Austin, of Military Rule No. 2 Street, Lagos, Nigeria (hereinafter referred to as the "New Party").

RECITALS

WHEREAS:

A. Original Party 1 and Original Party 2 entered into an agreement dated ___ day of _______, 20 (the "Original Agreement"), under which certain obligations and liabilities were created;

B. The parties now wish to discharge Original Party 2 from all obligations and rights under the Original Agreement and substitute the New Party in place of Original Party 2 so that the New Party assumes all rights, duties, and obligations of Original Party 2 under the Original Agreement;

NOW THIS AGREEMENT WITNESSES AS FOLLOWS:

1. NOVATION

1.1 With effect from the date of this Agreement, the Original Agreement is novated such that:

Original Party 2 is discharged from all rights, obligations, claims, and liabilities under the Original Agreement whether arising before, on, or after the date of this Agreement; and

The New Party shall assume, perform, and be bound by all the duties, rights, obligations, claims, and liabilities of Original Party 2 under the Original Agreement as if the New Party were an original party to the Original Agreement in place of Original Party 2.

2. RELEASE

2.1 Original Party 1 hereby releases and discharges Original Party 2 from any claims or demands it may have under or in connection with the Original Agreement.

2.2 Original Party 2 releases Original Party 1 from any obligations it may have to the New Party under the Original Agreement.

3. WARRANTIES

3.1 Each of the parties represents and warrants to the others that it has full power and authority to enter into this Agreement.

4. GOVERNING LAW

4.1 This Agreement shall be governed by and construed in accordance with the laws of the Federal Republic of Nigeria.

5. COUNTERPARTS

5.1 This Agreement may be executed in counterparts, each of which shall be deemed an original, and all of which shall together constitute one and the same instrument.

IN WITNESS WHEREOF, the parties hereto have executed this Novation Agreement as of the day and year first written above.

SIGNED by
Lawrence Christopher
Signature: ___________________________
Date: _______________________________

SIGNED by
Osakwe Precious
Signature: ___________________________
Date: _______________________________

SIGNED by
Mr. John Austin
Signature: ___________________________
Date: _______________________________