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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.
Definition source: English Wiktionary via Wiktextract
Usage: countable, uncountable
Topics: law
Examples
- 1998, London Clearing House, submission to the U.S. Commodity Futures Trading Commission http://www.cftc.gov/opa/press98/opa4163-98-att.htm Netting by novation will occur immediately upon registration of the transaction in the SCM's name.
Meaning relationships
Synonyms: none provided
Antonyms: none provided
A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
Definition source: English Wiktionary via Wiktextract
Usage: countable, uncountable
Topics: law
Examples
- An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.
Meaning relationships
Synonyms: none provided
Antonyms: none provided
(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
Definition source: Princeton WordNet 3.0
No example sentence was provided for this meaning.
Meaning relationships
Synonyms: none provided
Antonyms: none provided
Broader terms: replacement, replacing
Borrowed from Latin novātiō (“a renewing, rennovation”), from novō, from novus (“new”). Compare novel, novelty.
Across languages
Translations
16 source translations are retained for this English entry.
-
Bulgarian:
нова́ция
(novácija)
— replacement contract
-
Finnish:
novaatio
— replacement contract
-
Indonesian:
novasi
— replacement contract
-
Afrikaans:
novasie
— new contract
-
Afrikaans:
skuldvernuwing
— new contract
-
Dutch:
schuldvernieuwing
— new contract
-
Dutch:
novatie
— new contract
-
Finnish:
novaatio
— new contract
-
French:
novation
— new contract
-
German:
Novation
— new contract
-
German:
Neuerungsvertrag
— new contract
-
Indonesian:
novasi
— new contract
-
Italian:
novazione
— new contract
-
Portuguese:
novação
— new contract
-
Spanish:
novación
— new contract
-
Welsh:
newyddiad
— new contract
