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Contract Management
During a contract term, the contract may need to be changed or managed, including:
- change of parties: assignment or novation of the contract
- change of terms: variation or amendment and restatement of the contract
- termination: agreed termination of the contract
Amendment & Restatement Agreement, to amend and restate a contract. Amendment & Restatement Agreements are used in particular for loan agreements and shareholders agreements. Â
Contract assignment for the assignment of the benefit of a contract, in the form of a letter agreement between the outgoing party (assignor) and the incoming party (assignee). Includes notice of assignment to be given to the other contracting party
Agreement for the termination of a contract with the agreement of both parties. The parties can choose whether any provisions of the contract continue in effect after termination and whether termination is a release of all claims under the contract.
Agreement for the variation of a contract, for use where the parties wish to amend specific terms of their contract. Going forward, the original agreement and the amendment agreement will, together, comprise the form of the agreement.
Indemnity clause for a contract, where one party will indemnify the other party for loss or damage. Alternative forms of clause depending on the context, including a mutual indemnity, a breach of contract indemnity and a third-party claim indemnity.
Novation agreement, for a new person to become party to and bound by an agreement in place of one of the original parties. The original party is released from its obligations under the agreement.
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Under what circumstances do I need to manage or change a contract?
During the existence or term of a contract, a number of events may take place which mean that the contract needs to be managed or changed in some manner.
The management or change to the contract could arise for a number of reasons, including:
- change to the parties: a change to the parties to an agreement may occur for a variety of reasons. The change can be structured as either the assignment or novation of the agreement. The reasons for the change include:
- the sale by one of the contracting parties of its business, which includes the benefit of that contract
- an intra-group corporate reorganisation
- change to the terms: the parties to a contract may negotiate new or different terms for their agreement. This might be due to a change in circumstances which result in the parties agreeing new terms or perhaps a change which is negotiated following one party not being able to comply with the original agreement. The changes might include:
- price: change to the price payable under the contract
- time for performance: change to the time by which a party’s obligations are due to be performed
- term: an extension to the duration of the agreement
- other contractual terms: one or more changes to other contractual terms
- termination of the agreement: the parties may agree to bring an agreement to an end earlier than originally envisaged
Which document do I use and when?
This section includes a number of different documents that, in light of future events and circumstances, may become necessary from time to time during the life of a contract.
- for a change of parties: assignment or novation of the contract
- for a change of terms: variation or amendment and restatement of the contract
- for termination: agreed termination of the contract
