Novation


Also found in: Dictionary, Thesaurus, Medical, Legal, Financial, Wikipedia.

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.

References in periodicals archive ?
The original structure was envisioned to have PLL manage the entire supply chain as exemplified by the clear novation clause in the Qatar contract.
Limited exemption from the bilateral margin requirements to facilitate novations
"Across five decades, NOVATION Industries has built a reputation for bringing innovation to the marketplace, while delivering exceptional customer service," said Novation Industries president, Scott Baxter.
In other words, novation involves "updating obligations
According to Benvenue, the three-year contract became effective March 1, paving the way to offer the Kiva System through the Novation portfolio to the more than 100,000 members and affiliates of VHA Inc., UHC, Children's Hospital Association and Provista served by Novation.
Developed and tested over a two year period at Ingredion Idea LABS innovation centres across Europe and the USA, the new Novation Prima 340 starch is easy to use as it requires no pre-cooking, and thus reduces processing requirements.
"This new agreement is a testament to our long-standing relationship with Novation and our commitment to provide world class products and services to hospital organizations," says Chris Lowery, vice president, sales and marketing, Kimberly-Clark Health Care.
Yeung agreed to write off his loan of PS15 million to Blues, under the terms of the deed of novation. BIHL are to take on the debt, freeing the club of it, and swap it for equity in itself.
Articles 381 to 386 of the Civil Code deal with the novation. Novation is defined under the law as "a change of the debt when the two parties agree to substitute a new obligation for the original obligation.
28 December 2011 - Oslo-listed rig owner Discovery Offshore SA (OSL:DISC) said today it had finished the novation of contracts for two ultra high-specification jackup drilling rigs, under construction at Singaporean shipbuilder Keppel FELS.
At Novation, we are committed to helping hospitals save money on supply purchases which, in rum, helps hospitals to keep resources focused on providing high-quality patient care.
Novation knows its Trivial Pursuit from its Mousetrap as it only makes its Dicer in pairs.