A contract can change hands without the project staying the same

On paper, the agreement can look almost identical.

An original party. A contract. A seller. Then a new party enters.

Broadly, an assignment passes along rights under the contract, and the original party may still be responsible. A novation replaces a party altogether, and it needs everyone’s consent.

The paper may look similar. The people, the responsibilities and the risk around it have changed.

Who consented, and to what?

What moved: rights, obligations, or both?

Who is responsible if something goes wrong?

Did the economics change?

What should counsel, title and the other transaction professionals review?