novation

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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 ?
3) The RE- NOVATE study was designed consistent with these guidelines.
Fitch has been notified that effective March 16, 2012, RBS will novate all rights, liabilities, duties and obligations to BONY under the respective ISDA Master Agreements and the Credit Support Agreements and Annexes (CSAs) on the transactions listed below.
The activities to be performed consists in pellicolatura, painting of rolling cases (external and internal) and the activities of small maintenance of the furnishings of railway rolling stock maintenance at all sites Trenord (Fiorenza, Novate, Cremona, Lecco, Iseo, Camnago, S.