Notes:
Deed of Assignment and Novation
An assignment agreement transfers one party’s rights under a contract to another party. The party transferring their rights is the assignor; the party receiving them is the assignee. Under an assignment only the benefits of the contract are transferred whilst the obligations remain with the assignor.
Novation is a mechanism where one party transfers all its obligations and rights under a contract to a third party, with the consent of the original counterparty.
This standard document has integrated notes with important explanations and drafting tips.
