Definitions for "Novation"
A substitution of a new debt for an old one; also, the remodeling of an old obligation; debt restructuring.
The substitution of a new person for one of the parties to an agreement, on consent of all people involved.
A release of liability to the first borrower of a loan, and the substitution of a subsequent borrower with the lender's approval.
Defeasance whereby the firm's debt is cancelled.
The technical term for the process whereby trades between clearing members are taken over by the clearing house (qv).
Defeasance whereby the firm's debt is canceled.
Cimage NovaSoft's EDMS application that includes workflow, document and content management.
Keywords:  innovation
In this approach the client employs consultants to design and specify the project in accordance with stated requirements. On the basis of the documentation prepared, a contractor is selected by competition. The client then novates (or transfers) his agreement with the consultants to the contractor, who then takes full responsibility for the project through to completion.