novation


Also found in: Thesaurus, Medical, Legal, Financial, Encyclopedia, Wikipedia.

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 ?
It stated that after para 9(a) insert a new sub para (I) to cover the novation part of the transaction as 'LNG Operations and Services agreement between EETPL and SSGCL (Terminal 1) may be novated to PLL and Supply agreement between M/s Qatar Gas/Gunvor international and PSO be novated to PLL' .
The key features of the restructuring are as follows: The novation of the indemnity reinsurance agreement between Ballantyne and Security Life of Denver Insurance Company dated November 19, 2008 to Swiss Re Life and Health America Inc.; The disbursement of the assets from Ballantyne's reinsurance trust account to effectuate the novation and make payment to the holders of the affected Ballantyne notes in full and final satisfaction of their claims against Ballantyne; and The commutation of the obligations of Ambac UK in respect of Ballantyne's Ambac UK guaranteed notes.
Citigroup Inc (NYSE: C) and HSBC Holdings (LSE: HSBA) have announced that they have gone live on the Capitolis Novation technology platform.
Novation provides solutions in safety and waste reduction through automatic marking of defects.
The award also includes the novation of substantial CRA linepipe and long-lead Items contracts, said the statement.
McHenry, IL, January 03, 2018 --(PR.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.
Novation contracts Q: What are the effects of novation contracts?
Novation of treaties in international relations practice
M2 PHARMA-March 30, 2015-Spine Repair Specialist Benvenue Medical Inks Group Purchasing Deal with Novation
Novation Prima[R] 340 functional native starch can be used in foods such as quiches, cheesecakes and instant mayonnaises or dressings to keep their indulgent texture whilst undergoing extended ambient, refrigerated or frozen storage.