novation

[US]/nəʊˈveɪʃən/
[UK]/noʊˈveɪʃən/
Frequency: Very High

Translation

n.the act of replacing an old obligation with a new one; the substitution of a new contract for an old one; the renewal of a bond
Word Forms
Pluralnovations

Phrases & Collocations

novation agreement

novation process

novation clause

novation rights

novation contract

novation terms

novation notice

novation procedure

novation transaction

Example Sentences

the novation of the contract was necessary to complete the sale.

she was relieved when the novation process was finalized.

novation can help in transferring obligations from one party to another.

they agreed on the novation terms before signing the agreement.

the lawyer explained the novation process to his clients.

novation is often used in financial transactions to mitigate risk.

after the novation, the new party assumed all responsibilities.

the company sought novation to facilitate the merger.

understanding novation is crucial for contract management.

he felt confident in the novation agreement they reached.

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