Associations to the word «Novation»

Wiktionary

NOVATION, noun. (legal) 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.
NOVATION, noun. (legal) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.

Dictionary definition

NOVATION, noun. (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.

Wise words

The most important things are the hardest things to say. They are the things you get ashamed of because words diminish your feelings - words shrink things that seem timeless when they are in your head to no more than living size when they are brought out.
Stephen King