novation

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  • noun

Words related to novation

(law) the replacement of one obligation by another by mutual agreement of both parties

References in periodicals archive ?
We intend to trade the business in the short-term with a view to selling and novating the contracts to other providers.
GulfCap has subsequently signed an agreement with AQI novating the original agreement.
Despite the airline's termination of service, BCI was successful in novating the leases to Aloha Air Cargo, which was acquired by Seattle-based Saltchuk Resources, Inc.
Novating the ongoing research and development programs to Ascent Solar required additional time to facilitate the necessary approvals from the Defense Contractor Management Agency which oversees the programs, defense contractor accounting systems and contractor business operations related to government funded activities.
Joseph Armstrong stated "Transitioning this group of key individuals and novating the contracts to AST are consistent with our previously-stated business goals.