During the life of a contracted Emissions Reduction Fund project, those responsible for running the project may change. When this happens, participants can also request the Clean Energy Regulator to enter into a Documentasset: Carbon Abatement Contract Novation Deed (contract novation) before the project is varied.
Contract novations facilitate the transfer of all obligations and benefits under a contract to the new participant who has assumed responsibility for running the project. A contract novation brings into effect a replacement contract, on the same terms as the original contract, where the original contract is effectively discharged for the future.
The Clean Energy Regulator is under no obligation to agree to a contract novation. In assessing a contract novation, the Clean Energy Regulator will evaluate the new participant to ensure that they are able to run the project and are able to meet the remaining obligations of the contract. This is in addition to other requirements of the Clean Energy Regulator when they are applied when the project is varied.
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The Clean Energy Regulator is a Government body responsible for accelerating carbon abatement for Australia.