What does Novation mean?
The act of replacing an existing contract with a new one, or substituting a new party for an existing one with the consent of all parties involved.
A novation agreement was signed to replace the original contractor with a new one under the same contract terms.
Novation in German, French, Spanish and Italian
GermanNovation
also Schuldumwandlung
Ersetzung einer alten Verbindlichkeit durch eine neue.
FrenchNovation
Extinction d'une obligation par la création d'une obligation nouvelle.
SpanishNovación
Sustitución de una obligación por otra nueva que extingue la anterior.
ItalianNovazione
Estinzione di un'obbligazione mediante la creazione di una nuova.
Synonyms and opposites for Novation
- Synonym Substitution
- Synonym Renewal