Novation

Novation definition

/nə(ʊ)ˈveɪʃ(ə)n/

What does Novation mean?

Novation is the discharge of the rights and obligations between contracting parties and a recreation of them in a new contract between a third party (replacing an original contracting party) and the remaining contracting parties to the original contract. A novation requires consideration and consent.

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