Document background
The Novation And Amendment Agreement is a crucial legal instrument under Singapore law used when parties need to both transfer contractual obligations and update agreement terms. It's commonly employed during corporate restructuring, mergers and acquisitions, or when business relationships evolve. This document serves two primary functions: it enables one party to step out of the contract while a new party steps in, and it allows parties to modernize or adjust the terms of the original agreement to reflect new commercial realities. The agreement must comply with Singapore contract law principles and typically requires careful consideration of existing obligations, amendments needed, and proper documentation of all parties' consent.
