novation definition

  • noun:
    • Law Substitution of a unique obligation for a classic one.
    • substitution of a contract with several brand-new agreements, specifically in economic areas the replacement of a contract between a particular buyer and vendor with agreements between your clearing house and each party.
    • An innovative new agreement between your initial contracting parties whereby the first responsibility is extinguished and a obligation is replaced.
    • Innovation.
    • A substitution of a new debt for an old one; also, the remodeling of a vintage obligation; financial obligation restructuring.
    • the development of anything brand-new; development.
    • A revolution.
    • In law, the substitution of a brand new responsibility for an old one, typically by the replacement of a new debtor or of a new creditor.
    • (law) the replacement of one responsibility by another by shared contract of both parties; usually the replacement of just one of initial functions to a contract with all the consent associated with continuing to be party

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