Novation

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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 ?
NoVate is one of a host of corporate sponsors from around the region funding the sculptures, which will be brought to life by local artists.
We will attempt to either assign or novate a number of the current contracts if we are able to find any other construction business that is willing to take them on.
We are continuing to seek to novate the remaining contracts to other providers and remain hopeful that more staff will transfer as part of this process.