novation

(redirected from novate)
Also found in: Dictionary, Thesaurus, Legal, Financial, Encyclopedia, Wikipedia.

novation

A term used in contract and business law to describe the act of either replacing an “obligation to perform” with a new obligation, or replacing a party to an agreement with a new party. In the NHS, novation translates as the transfer of contract ownership and associated contractual obligations from one NHS organisation to another.
References in periodicals archive ?
AGC") jointly announced that they are extending the expiration date of all outstanding offers to novate those primary market bond insurance policies insuring U.
The offer to novate a particular policy will be open through July 15, 2011.
Major organization : CENTRALE UNICA DI COMMITTENZA DEI COMUNI DI NOVATE MILANESE, BOLLATE E BARANZATE