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Novation
(redirected from novate)

    Also found in: Dictionary/thesaurus, Legal, Financial 0.01 sec.
Novation 

in civil law, an agreement between parties to substitute one obligation for another. Under Soviet law, novation is used in relations between citizens and between socialist organizations, most often in credit relations.
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The Orange GSA schedule and all other existing contracts will novate to the new company, as will all Orange employees.
ST Net Inc by Set-Aside Alert
On the other hand, where the import project Government is required to provide a guarantee of PPA obligations, including project buy-out, for an LNG-fuelled IPP, it may look at the fuel contract as an integral part of the project and require the LNG supplier to agree to novate the LNG supply contract in case of termination of the PPA.
The Main Issues In International LNG Sales Contracts: Susan Farmer by APS Review Downstream Trends
The Orange GSA schedule and all other existing contracts will novate to the new company, as will all Orange employees.
ST Net Inc by Set-Aside Alert
 
 
 
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