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- Deeds of Novation

The effect of a Deed of Novation is to discharge a previous contract or agreement and enter into a new agreement on the same terms but with one or more of the parties being different. This is different from an Assignment (where the parties do not change). It involves the release of one or more parties from the earlier agreement and their substitution by new parties who take on the obligations of the released parties and also their rights.

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