novation Synonyms
No Synonyms and anytonyms found
novation Meaning
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
novation (n.)
Innovation.
A substitution of a new debt for an old one; also, the remodeling of an old obligation.
novation Sentence Examples
- 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.
- Novation is often used to resolve disputes or to adapt contracts to changed circumstances.
- In the context of a construction project, a novation may occur when the original contractor is replaced by a new one.
- A novation can simplify contractual relationships by eliminating the need for multiple agreements.
- However, a novation must be carefully drafted to avoid inadvertently creating new liabilities.
- A novation can be express, implied, or statutory.
- 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.
