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 ?
Counterparties should start negotiating as soon as possible the novations of their transactions which are in the scope of these amending regulations, given the twelve month timeframe to benefit from it.
Novation Industries specializes in custom manufacturing solutions and integrated product development services including design, injection molding and sourcing, contract manufacturing, and logistics.
binding the contracting parties." (2) An act of novation brings
The Kiva System was selected through the Novation Innovative Technology programme, which is designed to ensure that members have access to innovative health care technology.
Earlier this year, Kimberly-Clark was honored by Novation as Med-Surg supplier of the year and named the recipient of the second annual Mark McKenna award as overall supplier of the year in recognition of the company's outstanding service to No-vation's Alliance members in 2012.
It is recommended to advise banks to obtain assignment as a security rather than novation, as the significant difference between assignment and novation under the Civil Code is that the security associated with the debt is not automatically transferred under novation, unlike the assignment, where security is automatically transferred to the assignee.
According to the novation agreements, Discovery Offshore guarantees for the obligations of its unit under the construction contracts.
CIFG and Assured, reached a master agreement outlining what policies would be reinsured and part of a future novation process.
National Starch Food Innovation has expanded its award-winning Novation functional native starch portfolio with the addition of Novation 6260.
The QC claimed a second contract, a Novation and Variation Agreement, was signed in late 2005 following difficult negotiations in which DTVA had problems persuading Bmibaby to meet its contractual obligation.
"The Government is playing some games, since they do not respond to the request to submit a copy of the governmental decree for a month," claimed Kubanychbek Isabekov.In his claim the Vice Speaker requested to annul the governmental decree on Kumtor project restructuring; investment agreement between the Kyrgyz Government, Kumtor Gold Company and Centerra Gold Inc.; revised concession agreement between the Kyrgyz Government and Kumtor Gold Company;agreement on novation and termination of the general agreement between the Kyrgyz Government, Kyrgyzaltyn JSC, Cameco Corporation and Centerra Gold Inc.
The refit involved equipping the Novotel's best rooms - known as novation bedrooms - with flat screen televisions, internet access and power showers.