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