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 ?
Each transaction has derivative counterparty exposures to Merrill Lynch related entities which will be novated to a new swap counterparty, Bank of America NA (rated 'A+'/Rating Watch Negative/'F1+').
the main contractor (not enabling works) will undertake riba stage 4 technical design, as part of the procurement package with a novated university design team.
INPEX has novated this contract to McDermott as part of the overall subsea umbilical, riser, flowline EPCI contract.
Once a policy has been novated, AGC will request, and expects to obtain, an AGC insured rating from S&P, Moody's or both, depending on which originally provided a CIFG insured rating for the related bonds.
On behalf of woe, Bristol city council commissioned kpmg to cover the development and application of the woe economic model in line with the woe s original brief, Split into 3 phases:phase 1 - core economic buildphase 2 - development of prioritised investment programmephase 3 - training and knowledge transfer"this contract has now been novated over to west of england combined authority
Pointed and to enter into contract with wiltshire council to work with the councils representatives and the current design team who will be novated across to the successful contractor to complete the technical design and to construct and handover the completed facility by the end of november 2018.
At the same time, internal retrocession business was novated from XL Life, to a non U.
02 Contract Notice: Hanover Scotland are seeking a Main Contractor for the construction with novated design of 30 Nr Sheltered/Extra Care units and 14 Nr Amenity units at a greenfield site at Hamilton Gardens, Spynie, Elgin.
An additional proposal stated that all the management agreements for funds in which the company directly or indirectly invests should be novated for the new manager to manage those as well, which if affected it will also assume liability for all existing obligations of the present manager.