novation


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Novation

Novation

1. The transfer of a contract from one party to another by mutual consent of the original counterparties and the concurrence of the new party.

2. See: Rollover.

novation

The substitution of one debt with another debt.

novation

The substitution of a new contract, debt, or obligation for an existing one. Usually encountered when a tenant assigns the lease to another,or when a new building owner requires all existing tenants to execute novation agreements.The effect is to extinguish all obligations under the old agreements and replace them with the new obligations.

References in periodicals archive ?
Novation Industries was established in 1967 and specializes in injection molding and manufacturing services including design, sourcing, contract manufacturing, and logistics.
so-called tacit novation of international treaties.
Health Secretary Nanny Hewitt is handing over these operations - lock, stock and barrels of profit - to DHL/ Novation, without any evidence that the service will improve.
As the sole provider of laryngeal masks to Novation, this agreement effectively insulates LMA from competition."
The novation of TVP's existing BT circuits to Affiniti was completed in the first stage of the project and provides TVP with rental savings and Affiniti with the ability to monitor, fault fix and change capabilities for both the circuits and the equipment in the network.
"VHA and UHC members are thought leaders and early adopters that demand access to new and life saving technologies," says Joe McKinley, director of Diagnostic Imaging for Novation. "Members have indicated they are excited about the prospect of being able to detect breast cancer and lung nodules earlier using innovative CAD solutions from R2 Technology."
Derived from waxy maize, Novation Prima is said to be ideal for use in frozen foods and in applications where storage stability presents a particular challenge--such as fruit preparations.
Areas changed include clarification of receipts and numbers of employees, the effect of a joint venture, the definition of receipts and the effect of a novation during performance.
Beckman Coulter, Inc., Fullerton, Calif., has renewed a hematology agreement with Novation, Irving, Texas, the supply chain company of VHA Inc.
hospitals and reference laboratories, including Premier, Novation, and AmeriNet GPO members.
Where a company purchases the assets of a federal contractor, the law requires that the federal government consent to the transfer of the seller's federal contracts through the novation process.
These Novation OC starches offer manufacturers of organically labeled foods the opportunity to improve their texture, processing and stability previously unavailable to them.