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Practical Law Hong Kong's Latest Resource: Practice Note on Contracts: Novation

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Practical Law Hong Kong's latest practice note, Contracts: Novation, has been published with the assistance of MinterEllison LLP, particularly, Fred Kinmonth, Partner and Caroline De Souza, Consultant. This practice note not only explains novation but answers the key questions that arise when discussing novation. It is an essential resource for anyone seeking to obtain a strong understanding of novation in practice.

Some of the key questions that have been addressed in this note include:

  • When is novation used?
  • How does novation differ from assignment?
  • Who must consent?
  • Must a novation be in writing? Can novation be effected by conduct?
  • What are the conditions on novation? Is consideration required?
  • What if the necessary requirements are not fulfilled?
  • What is the position on future and pre-novation liabilities?
  • Can you novate part of a contract?
  • What are the key considerations when drafting novation agreements?

For further resources related to this topic or other practice areas, see Practical Law Hong Kong Resource Centre. 

 

By Mri Shankarla
Paralegal

Mri is a Paralegal at Thomson Reuters. She is a law student in her final year at Sydney.

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