novation
IPA: nʌvˈeɪʃʌn
noun
- (law) Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.
- (law) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
Advertisement
Examples of "novation" in Sentences
- In 1960ies it would be a brave novation.
- Novation is also a concept in civil law.
- Novation replaces the new party with the original one.
- Novation replaces the original party with a new party.
- Article 12 deals with a voluntary assignment or novation.
- Novation is also used in transactions via electronic exchanges.
- In the absence of novation, the trade will look like Figure 2 1.
- Novation synthesisers have been used by a range of electronic acts.
- Contrary to assignment, novation requires the consent of all parties.
- Fitzgerald said she found several other incidents inside Novation troubling.
Advertisement
Advertisement