A novation agreement refers to a legal document which lays down the terms and conditions of how one of the original parties can be substituted for a new one with reference to a particular deal. It can also refer to the replacement of an old contract with a new one. When this agreement comes to force, the old party no longer has any obligations whatsoever related to the original contract. However, before reaching this stage, both parties, original and new, must agree to the novation agreement.
In this case there are may be new terms and conditions in the replacement contract and not a mere transfer of the earlier terms from one party to another. This agreement is created when both parties agree that those original goals cannot be reached with the current terms or the debtor may be forced into bankruptcy unless some new terms are added to the agreement, following which a novation agreement is made by the parties.
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