Novation Letter for Agency and Distributorship Agreements EX02.03.05
The purpose of this Novation letter for Agency & Distributorship is to enable a company (the “Vendor”) which is selling its business to another (the “Purchaser”) and has contracts with Agents/Distributors to transfer these contracts to the Purchaser.
All the rights and obligations of the Vendor under the contracts with the Agents/Distributors are transferred to the Purchaser and the Purchaser, by virtue of the Novation, replaces the Vendor as a party to the contract with the Agents/Distributors.
This Novation letter for Agency & Distributorship should be signed by the Vendor, countersigned by the Purchaser and the Agent/Distributor.
This Agency & Disbributorship letter template is in open format. Either enter the requisite details in the highlighted fields or adjust the wording to suit your purposes.