Agreement

Heaven 2011 (Querist) 28 April 2011 This query is : Resolved
Dear Sir,

An agreement contains a clause "...the agreement shall be effective from the date of commencement of the C&F operation by the Agents and shall be in force until its determination by the either party by giving notice of three months..." And the agreement is in force for last 12 years with same terms and conditions. Now the parties hereto want to execute a fresh agreements with new terms and conditions. Is it necessary to terminate the existing agreement and then go for a new one? or is it a novation of contract within the meaning of the Act? If so then what is the process of novation?
Regards.

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M.Sheik Mohammed Ali (Expert) 28 April 2011
yes, you can form new format the agreement.

Bhawani Mahapatra (Expert) 28 April 2011
If everything is going right, you needn't terminate the original agreement. You can add/alter some clause(s) with the persistance of the present agreement. All you have to do is to make an addendum to the original agreement, which will constitute an integral/isseparable part of the original agreement.

Guest (Expert) 29 April 2011
As per your previous agreement a notice of three months would be necessary quoting the reason for termination and formal annulment of the agreement should be made, may be by including an appropriate clause in the fresh agreement.

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