Novation exercises

DDL offers a “one stop shop” for novation projects. 

A novation agreement is often used to replace a party to an agreement by another.  Typically this could happen if one party wants to exit a deal or if two banks/companies merge and they find that they both have documentation in place with the same counterparty.  They need to decide which agreement will apply in the future.

DDL can mastermind the initial planning of novation exercises including contacting the relevant counterparties to alert them to put new credit lines in place; ensure that the correct contact details have been provided and prepare the novation template if any bespoke terms are required.  DDL then prepares the draft agreements and negotiates their terms in line with its client’s policies.  When the negotiation is completed we provide the client with execution copies for final review and signing.

Depending on the size of the project DDL can quote on a “per Agreement” basis or for the entire project.