This Standard Document contains provisions to incorporate an assumption of the delegated obligations and an optional novation into the assignment agreement. Capitalized terms used herein and not defined shall have the meanings ascribed to them in the Assignment and Assumption Agreement to which this.This assignment and assumption agreement template includes a novation agreement and may be used to transfer an agreement from one party to another. A novation agreement transfers the contractual obligations of one party to a third party or replaces a contractual obligation with another one.