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    Turnkey Rights Novation Agreements

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    noor bahrudin
    This novation agreement transfers the rights and obligations under a turnkey agreement from the original purchaser to a new purchaser. The turnkey contractor agrees to release the original purchaser from their obligations and accept the new purchaser's liability under the turnkey agreement instead. The new purchaser agrees to be bound by all the terms of the turnkey agreement as if they were the original party. All monies paid by the original purchaser under the turnkey agreement are also deemed to be transferred to the new purchaser.

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    © All Rights Reserved
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    Turnkey Rights Novation Agreements

    Uploaded by

    noor bahrudin
    96 views5 pages
    This novation agreement transfers the rights and obligations under a turnkey agreement from the original purchaser to a new purchaser. The turnkey contractor agrees to release the original purchaser from their obligations and accept the new purchaser's liability under the turnkey agreement instead. The new purchaser agrees to be bound by all the terms of the turnkey agreement as if they were the original party. All monies paid by the original purchaser under the turnkey agreement are also deemed to be transferred to the new purchaser.

    Original Title

    TURNKEY RIGHTS NOVATION AGREEMENTS

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    © © All Rights Reserved

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    This novation agreement transfers the rights and obligations under a turnkey agreement from the original purchaser to a new purchaser. The turnkey contractor agrees to release the original purchaser from their obligations and accept the new purchaser's liability under the turnkey agreement instead. The new purchaser agrees to be bound by all the terms of the turnkey agreement as if they were the original party. All monies paid by the original purchaser under the turnkey agreement are also deemed to be transferred to the new purchaser.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    96 views5 pages

    Turnkey Rights Novation Agreements

    Uploaded by

    noor bahrudin
    This novation agreement transfers the rights and obligations under a turnkey agreement from the original purchaser to a new purchaser. The turnkey contractor agrees to release the original purchaser from their obligations and accept the new purchaser's liability under the turnkey agreement instead. The new purchaser agrees to be bound by all the terms of the turnkey agreement as if they were the original party. All monies paid by the original purchaser under the turnkey agreement are also deemed to be transferred to the new purchaser.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
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    At a glance
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    The key takeaways are that this agreement novates the turnkey agreement between the original purchaser and contractor to a new purchaser, with the new purchaser taking on the obligations of the original purchaser and the original purchaser being released.

    The purpose of this agreement is to novate the turnkey agreement for the construction of a building from the original purchaser to a new purchaser, with the consent of the turnkey contractor.

    Under this agreement, the new purchaser takes on all the obligations of the original purchaser under the original turnkey agreement, as if they were a party to that agreement instead of the original purchaser.

    TURNKEY RIGHTS NOVATION AGREEMENT

    THIS NOVATION AGREEMENT is made on this day of


    200..

    BETWEEN

    ……. SDN BHD (Company No. …), a company incorporated in Malaysia


    with its registered office and a place of business at … (hereinafter called
    “the Turnkey Contractor”) of the one part;

    AND

    … (NRIC No. …) and .. (NRIC No. …) both of ….. (hereinafter called “the
    Purchaser”) of the second part; and

    AND

    ….. SDN BHD (Company No. …..), a company incorporated in Malaysia


    and having its registered office at …. and having its business office at ….
    (hereinafter called “the New Purchaser”) of the third part.

    WHEREAS: -

    1. By a Sale and Purchase Agreement dated the …. (hereinafter


    referred to as the “the Sale and Purchase Agreement”) and made
    between … Sdn Bhd (Company No. ….), a company incorporated in
    Malaysia and having its place of business at ….(hereinafter called “the
    Developer”) of the one part and the Purchaser of the other part, the
    Developer has agreed to sell and the Purchaser agreed to purchase all
    that parcel of land with vacant possession distinguished as Lot No. …
    measuring approximately …. square feet, … and held under ….
    (hereinafter referred to as “the said Land”) subject to and upon the
    terms and conditions contained in the Sale and Purchase Agreement.

    2. By an Agreement dated the …. (hereinafter referred to as the “the


    Turnkey Agreement”) and made between the Turnkey Contractor of
    the one part and the Purchaser of the other part, the Purchaser has
    appointed the Turnkey Contractor and Turnkey Contractor has agreed
    to construct a unit of ….. with a total gross built up area of
    approximately …. square feet (hereinafter referred to as “the said
    Building”) on the said Land upon the terms and subject to the
    conditions therein contained.
    3. The Purchaser is desirous of being released and discharged from the
    Turnkey Agreement and the Turnkey Contractor has agreed to release
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    and discharge the Purchaser subject to the New Purchaser
    undertaking to perform and to be bound by the terms and conditions
    of the Turnkey Agreement in place of the Purchaser.

    NOW IT IS HEREBY AGREED as follows:-

    1. In consideration of the premises herein and in further


    consideration of the Turnkey Contractor agreeing to release and
    discharge the Purchaser from his obligations under the Turnkey
    Agreement, the New Purchaser hereby agrees and undertakes to
    perform and to be bound by all the terms and conditions of the
    Turnkey Agreement and the Turnkey Agreement in every way as if
    the New Purchaser were a party to the Turnkey Agreement in place
    of the Purchaser.

    2. The Turnkey Contractor hereby releases and discharges the


    Purchaser from their obligations under the Turnkey Agreement and
    accepts the liability of the New Purchaser upon and under the
    Turnkey Agreement in lieu of the liability of the Purchaser and
    agrees to perform and to be bound by the terms and conditions of
    the Turnkey Agreement in every way as if the New Purchaser were
    named in the Turnkey Agreement as a party thereto in place of the
    Purchaser.

    3. It is expressly agreed that all monies paid to the Turnkey


    Contractor by the Purchaser pursuant to the terms of the Turnkey
    Agreement shall be deemed have been transferred to and paid by
    the New Purchaser.

    4. All fees, expenses and charges of and in connection with this


    Agreement shall be borne and paid entirely by the New Purchaser.

    5. In the Agreement where the context so admits words importing the


    masculine gender only shall include the feminine genders and
    words importing the singular number only shall also include
    plural number and vice versa.

    6. This Agreement shall be binding upon the heirs personal


    representatives successors in title and permitted assigns of the
    Turnkey Contractor, the Purchaser and the New Purchaser.

    Note : The rest of this page is intentionally free from text.

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    IN WITNESS WHEREOF the parties hereto have hereunto set their hands,
    the day and year first above written.

    SIGNED by )
    )
    for and on behalf of )
    …………….. )
    BHD (Company No……….) )
    in the presence of:- )

    SIGNED by the Purchaser )


    )
    in the presence of:- )

    SIGNED by )
    )
    for and on behalf of )
    …………… )
    (Company No. …..) )
    in the presence of:- )

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