To continue with our example, instead of the money you owe, Monica may agree to accept a coin from Sally`s original work that is worth approximately $200. The transfer of ownership constitutes a renewal and effectively exceeds the original cash commitment. If a third party enters the contract, it replaces the outgoing part. As a general rule, a new party assumes a payment obligation that has been contracted by an initial party. These agreements allow you to transfer payment rights from a life insurance or foundation policy, perhaps as a result of a separation or divorce, or perhaps because you want to give or sell the policy to someone else. Unlike an order that is universally valid as long as the other party is terminated (unless the obligation is specific to the debtor, as in a personal service contract with a certain ballet dancer, or if the assignment would involve a new and particular burden for the counterparty), an innovation is valid only with the agreement of all parties to the original agreement.  A contract transferred through the innovation procedure transfers all obligations and obligations from the original debtor to the new debtor. We provide two different novation contract models: b) An innovation contract is not necessary if the ownership of a contractor changes as a result of a share purchase without the contractor making a legal change, and if that contractor has control over the assets and if the contracting party executes the contract. Whether it is an asset acquisition or a share purchase, there may be problems related to change of ownership that should be dealt with appropriately in a formal agreement between the contractor and the government (see item 42.1203 (e)). Although a novation looks like a task, it is fundamentally different from a task. While an innovation transmits the benefits and responsibility of the original contract to a new party, a transfer continues only to the new owner and all obligations of the contract remain within the purview of the original contractor. An innovation is akin to a sale which is the action of a party that transfers a stake in a property or business to a third party, unlike the sale of the entire business.