This Novation Agreement (Parent and Subsidiary) is between a parent company and a subsidiary of that company which will be dissolved. Under this agreement the parent company agrees to assume all obligations of its subsidiary. This agreement sets out the relevant terms including the identity of any agreements which the parent will assume and amount of all obligations. It is imperative that this agreement be clearly set forth in writing. A well-written Novation Agreement (Parent and Subsidiary) will prove invaluable in the event there are future disagreements or misunderstandings regarding the obligations or liabilities assumed by the parent company.

This Novation Agreement (Parent and Subsidiary) contains the following:

• Parties: Sets forth the names of both the parent corporation and its subsidiary which will be dissolved;
• Assumption: Sets forth the name of any obligations which the parent will assume, including the date and amount;
• Signatures: This agreement must be signed by a representative of the subsidiary, parent company and any creditor whose obligation is assumed.

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This attorney-prepared packet contains:

1. General Instructions
2. Novation Agreement (Parent and Subsidiary)

State Law Compliance: This form complies with the laws of all states