novation Synonyms

No Synonyms and anytonyms found

novation Meaning

Wordnet

novation (n)

(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

Webster

novation (n.)

Innovation.

A substitution of a new debt for an old one; also, the remodeling of an old obligation.

novation Sentence Examples

  1. The parties agreed to a novation, replacing the original contract with a new one.
  2. A novation is a legal act that removes the obligations under one contract and creates new ones.
  3. The novation must be agreed upon by all parties involved in the original contract.
  4. A novation may involve the substitution of a new party, the alteration of subject matter, or the modification of terms.
  5. Novation is often used to resolve disputes or to adapt contracts to changed circumstances.
  6. In the context of a construction project, a novation may occur when the original contractor is replaced by a new one.
  7. A novation can simplify contractual relationships by eliminating the need for multiple agreements.
  8. However, a novation must be carefully drafted to avoid inadvertently creating new liabilities.
  9. A novation can be express, implied, or statutory.
  10. The doctrine of novation is based on the principle that the parties to a contract can agree to modify or replace it with a new one.

FAQs About the word novation

(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 wit

No synonyms found.

No antonyms found.

The parties agreed to a novation, replacing the original contract with a new one.

A novation is a legal act that removes the obligations under one contract and creates new ones.

The novation must be agreed upon by all parties involved in the original contract.

A novation may involve the substitution of a new party, the alteration of subject matter, or the modification of terms.