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 ?
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.
M2 EQUITYBITES-May 11, 2015-MiMedx wins 2015 Innovative Technology Award from Novation
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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.