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 ?
the preferred csa and fire protection specialist sub-contractors, along with the employer~s preferred equipment vendor (equipment to be free issue~ to the main contractor), will be novated to the main contractor under the contract, as domestic sub-contractor.
The Mauritian company will not be inheriting or having novated to it, existing revenue generating contracts of Beryl Holdings - instead new contracts will be signed up by the Mauritian company for its trading relationships (and Beryl Holdings will assist in obtaining such contracts through its current presence in the market).
The novated programme under MSB has been assigned a rating of AIS with a stable outlook, full details of which have been provided in our rating announcement on 2 May 2013.
Apollo of FL's book of business consists of non-standard automobile policies, which have been novated and transferred to OMNI, another issuer of the same type of policies.
First stage: to initially work with the technical team (from riba stage 3 to riba stage 4 tbc) and then take full responsibility for the design (with the novated technical team).
The transaction will require various NHS contracts to be novated, which the company anticipates completing in 2015.
The Sukuk issued by PLUS is to be repaid with future operating cash flows from the acquired portfolio of tolled expressways, the concessions of which will be novated to the issuer.
In the three transactions listed below, the swap agreements will be novated from the existing Merrill Lynch entity (MLCS) to MLI.
It is not proposed that the university design team will be novated to the enabling works contractor.