Common use of Novation Clause Clause in Contracts

Novation Clause. “Notwithstanding anything contained in this agreement, Parties agree that during the Concession Term, in the event the Authority opts to transfer its rights such as operation, maintenance, development etc. of the Airport to a third party under PPP model or in any manner as may be decided by AAI/Government of India, then the Authority shall have the right to assign/novate/alter this Agreement, in favour of such third party, to which concessionaire hereby gives their consent unconditionally and Authority will not be bound to obtain any further consent of concessionaire. Such assignment/novation/alteration would release Authority of all liabilities and obligations arising under this agreement from and after the date of and other arrangements entered into in accordance with the provisions of this Agreement shall be vested in such third party. The parties, along with relevant third party shall execute necessary documentation or put in place necessary agreements for the aforesaid assignment/novation/alteration as and when need arise.”

Novation Clause. “Notwithstanding anything contained in this agreement, Parties agree that during the Concession Term, in the event the Authority opts to transfer its rights such as operation, maintenance, development etc. of the Airport to a third party under PPP model or in any manner as may be decided by AAI/Government of India, then the Authority shall have the right to assign/novate/assign /novate/ alter this Agreementagreement, in favour of such third party, to which concessionaire hereby gives their consent unconditionally and Authority will not be bound to obtain any further consent of concessionaire. Such assignment/novation/assignment/ novation/ alteration would release Authority of all liabilities and obligations arising under this agreement from and after the date of assignment /novation/ alteration and the rights and obligations of Authority under this Agreement and other arrangements entered into in accordance with the provisions of this Agreement shall be vested in such third party. The partiesParties, along with relevant third party shall execute necessary documentation or put in place necessary agreements for the aforesaid assignment/novation/assignment/ novation/ alteration as and when need arisearises.”

Novation Clause. “Notwithstanding anything contained in this agreement, Parties agree that during the Concession Term, in the event the Authority opts to transfer its rights such as operation, maintenance, development etc. of the Airport to a third party under PPP model or in any manner as may be decided by AAI/Government of India, then the Authority shall have the right to assign/novate/alter this Agreementagreement, in favour of such third party, to which concessionaire hereby gives their consent unconditionally and Authority will not be bound to obtain any further consent of concessionaire. Such assignment/novation/alteration would release Authority of all liabilities and obligations arising under this agreement from and after the date of assignment/novation/alteration and the rights and obligations of Authority under thisAgreement and other arrangements entered into in accordance with the provisions of this Agreement shall be vested in such third party. The partiesParties, along with relevant third party shall execute shallexecute necessary documentation or put in place necessary agreements for the aforesaid assignment/novation/alteration as and when need arise.”

Novation Clause. “Notwithstanding anything contained in this agreement, Parties agree that during the Concession Term, in the event the Authority opts to transfer its rights such as operation, maintenance, development etc. of the Airport to a third party under PPP model or in any manner as may be decided by AAI/AAI/ Government of India, then the Authority shall have the right to assign/novate/alter this Agreement, in favour of such third party, to which concessionaire hereby gives their consent unconditionally and Authority will not be bound to obtain any further consent of concessionaire. Such assignment/novation/alteration would release Authority of all liabilities and obligations arising under this agreement from and after the date of assignment/novation/alteration and the rights and obligations of Authority under this Agreement and other arrangements entered into in accordance with the provisions of this Agreement shall be vested in such third party. The parties, along with relevant third party shall execute necessary documentation documention or put in place pace necessary agreements for the aforesaid assignment/novation/alteration as and when need arise.”

Novation Clause. “Notwithstanding anything contained in this agreement, Parties agree that during the Concession Term, in the event the Authority opts to transfer its rights such as operation, maintenance, development etc. of the Airport to a third party under PPP model or in any manner as may be decided by AAI/Government of India, then the Authority shall have the right to assign/novate/alter this Agreementagreement, in favour of such third party, to which concessionaire hereby gives their consent unconditionally and Authority will not be bound to obtain any further consent of concessionaire. Such assignment/novation/alteration would release Authority of all liabilities and obligations arising under this agreement from and after the date of assignment/novation/alteration and the rights and obligations of Authority under this Agreement and other arrangements entered into in accordance with the provisions of this Agreement shall be vested in such third party. The partiesParties, along with relevant third party shall execute necessary documentation or put in place necessary agreements for the aforesaid assignment/novation/alteration as and when need arise.”