novation


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no·va·tion

 (nō-vā′shən)
n. Law
The substitution of a new contract for a previous contract, or the substitution of a new party for a previous party in a contract, so that the previous obligation is considered discharged or the previous obligor released.

[Late Latin novātiō, novātiōn-, from Latin, a renewing, from novātus, past participle of novāre, to make new, from novus, new; see newo- in Indo-European roots.]

novation

(nəʊˈveɪʃən)
n
1. (Law) law the substitution of a new obligation for an old one by mutual agreement between the parties, esp of one debtor or creditor for another
2. an obsolete word for innovation
[C16: from Late Latin novātio a renewing, from Latin novāre to renew]
ThesaurusAntonymsRelated WordsSynonymsLegend:
Noun1.novation - (law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party
replacement, replacing - the act of furnishing an equivalent person or thing in the place of another; "replacing the star will not be easy"
law, jurisprudence - the collection of rules imposed by authority; "civilization presupposes respect for the law"; "the great problem for jurisprudence to allow freedom while enforcing order"
References in periodicals archive ?
NASDAQ:OFIX) (the Company) today announced that its sports medicine division, Breg[R], has signed a contract with Novation to be the exclusive manufacturer of cold therapy products for NOVAPLUS[R], the private label brand of Novation.
Novation and MedLearn have entered into a three-year service provider agreement to bring coding, compliance and reimbursement expertise to health care organizations across the country, the two companies announced today.
announced that they have been awarded the Novation Ultrasound Group Buy opportunity, which began September 1st and will continue until the end of the calendar year.
com)-- Novation Industries[R], a leader in the plastic injection molding industry, celebrates their 50th year in business providing five decades of plastic injection molding to customers across a variety of markets.
ShoreTel is acquiring Corvisa, which offers software for call centers, from Novation Companies Inc.
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Ingredion showed its recent launches including the Novation EnduraTM series, a revolutionary addition to the Novation range of clean label (no E number) starches.
BANKING AND CREDIT NEWS-October 13, 2010--DBRS rates Novation Receivables Funding LLC's note issue at A (sf)(C)2010 M2 COMMUNICATIONS http://www.
National Starch Food Innovation has expanded its award-winning Novation functional native starch portfolio with the addition of Novation 6260.
IRVING, Texas -- AmerisourceBergen was one of four pharmaceutical wholesalers that teamed up with health care contracting services company Novation earlier this year to provide contract pricing on a portfolio of noninjectable generic drugs.
Abbott Park IL) said it signed a three-year deal with healthcare contracting services company Novation LLC (Irving TX) and the University HealthSystem Consortium (Oak Brook IL) to provide a line of diagnostic equipment.