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 ?
Novating the ongoing research and development programs to Ascent Solar required additional time to facilitate the necessary approvals from the Defense Contractor Management Agency which oversees the programs, defense contractor accounting systems and contractor business operations related to government funded activities.
Joseph Armstrong stated "Transitioning this group of key individuals and novating the contracts to AST are consistent with our previously-stated business goals.