novation
/nə(ʊ)ˈveɪʃ(ə)n
/noun [mass noun] Law
The substitution of a new contract in place of an old one.The trial judge found that novation could not stand - he disregarded it....
- However, we consider that there can have been a partial change of the parties by novation, if the language of the revised contract achieves that effect.
- The novation of the Research Agreement occurred because both Dr Leahy and Cyprotex acted on and after 21 March 2001 when Cyprotex Ltd was incorporated as if Cyprotex Ltd was the contracting party with Sheffield.
Derivatives
novate
- Was it a new or novated agreement whereby FTC replaced Group Co as buyer?
- The borrower can no longer set off any deposit it has with the seller if the whole loan agreement has been novated.
- The agreement dated 23 December 1997 made between Franklin Ellis and Castle Wharf (and thereafter novated in favour of Jarvis) contains what appears to be a list of standard descriptions of the services it was to provide.
Origin
Early 16th century: from late Latin novatio(n-), from the verb novare 'make new'.