Definition of novation in English:

novation

noun nə(ʊ)ˈveɪʃ(ə)nnoʊˈveɪʃən

mass nounLaw

The substitution of a new contract in place of an old one.
Example sentencesExamples
- The novation of the Research Agreement occurred because both Dr Leahy and Cyprotex acted on and after 21 March 2001 when Cyprotex Ltd was incorporated as if Cyprotex Ltd was the contracting party with Sheffield.
- In fact it is possible for the parties to provide for novation in advance and establish a contractual mechanism by which novation takes place automatically on the happening of a specified act or event.
- We agree that self-evidently New India was not an original party and there is no basis upon which it could be held that there was any novation or transfer to New India of the rights and obligations of the insured under the Club Rules.
- The trial judge found that novation could not stand - he disregarded it.
- However, we consider that there can have been a partial change of the parties by novation, if the language of the revised contract achieves that effect.

Derivatives

novate

verb nəʊˈveɪtnoʊˈveɪt

[with object]

Law

Replace with a new contract.
the loan agreement has been novated
Example sentencesExamples
- Was it a new or novated agreement whereby FTC replaced Group Co as buyer?
- The borrower can no longer set off any deposit it has with the seller if the whole loan agreement has been novated.
- The agreement dated 23 December 1997 made between Franklin Ellis and Castle Wharf (and thereafter novated in favour of Jarvis) contains what appears to be a list of standard descriptions of the services it was to provide.

Origin

Early 16th century: from late Latin novatio(n-), from the verb novare 'make new'.

Definition of novation in US English:

novation

nounnōˈvāSHənnoʊˈveɪʃən

Law

The substitution of a new contract in place of an old one.
Example sentencesExamples
- The novation of the Research Agreement occurred because both Dr Leahy and Cyprotex acted on and after 21 March 2001 when Cyprotex Ltd was incorporated as if Cyprotex Ltd was the contracting party with Sheffield.
- We agree that self-evidently New India was not an original party and there is no basis upon which it could be held that there was any novation or transfer to New India of the rights and obligations of the insured under the Club Rules.
- However, we consider that there can have been a partial change of the parties by novation, if the language of the revised contract achieves that effect.
- In fact it is possible for the parties to provide for novation in advance and establish a contractual mechanism by which novation takes place automatically on the happening of a specified act or event.
- The trial judge found that novation could not stand - he disregarded it.

Origin

Early 16th century: from late Latin novatio(n-), from the verb novare ‘make new’.

单词	novation
释义	Definition of novation in English: novation noun nə(ʊ)ˈveɪʃ(ə)nnoʊˈveɪʃən mass nounLaw The substitution of a new contract in place of an old one. Example sentencesExamples The novation of the Research Agreement occurred because both Dr Leahy and Cyprotex acted on and after 21 March 2001 when Cyprotex Ltd was incorporated as if Cyprotex Ltd was the contracting party with Sheffield. In fact it is possible for the parties to provide for novation in advance and establish a contractual mechanism by which novation takes place automatically on the happening of a specified act or event. We agree that self-evidently New India was not an original party and there is no basis upon which it could be held that there was any novation or transfer to New India of the rights and obligations of the insured under the Club Rules. The trial judge found that novation could not stand - he disregarded it. However, we consider that there can have been a partial change of the parties by novation, if the language of the revised contract achieves that effect. Derivatives novate verb nəʊˈveɪtnoʊˈveɪt [with object]Law Replace with a new contract. the loan agreement has been novated Example sentencesExamples Was it a new or novated agreement whereby FTC replaced Group Co as buyer? The borrower can no longer set off any deposit it has with the seller if the whole loan agreement has been novated. The agreement dated 23 December 1997 made between Franklin Ellis and Castle Wharf (and thereafter novated in favour of Jarvis) contains what appears to be a list of standard descriptions of the services it was to provide. Origin Early 16th century: from late Latin novatio(n-), from the verb novare 'make new'. Definition of novation in US English: novation nounnōˈvāSHənnoʊˈveɪʃən Law The substitution of a new contract in place of an old one. Example sentencesExamples The novation of the Research Agreement occurred because both Dr Leahy and Cyprotex acted on and after 21 March 2001 when Cyprotex Ltd was incorporated as if Cyprotex Ltd was the contracting party with Sheffield. We agree that self-evidently New India was not an original party and there is no basis upon which it could be held that there was any novation or transfer to New India of the rights and obligations of the insured under the Club Rules. However, we consider that there can have been a partial change of the parties by novation, if the language of the revised contract achieves that effect. In fact it is possible for the parties to provide for novation in advance and establish a contractual mechanism by which novation takes place automatically on the happening of a specified act or event. The trial judge found that novation could not stand - he disregarded it. Origin Early 16th century: from late Latin novatio(n-), from the verb novare ‘make new’.
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