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.
NOVATION has what it takes to be a dynamic player in key categories including dairy products, soups, condiments and dressings, high and low pH gravies and sauces, and fruit preparations.
27 August 2010 - US-based medical diagnostic testing equipment company Sysmex America Inc announced on Wednesday a three-year sole source microscopic urinalysis contract agreement with Novation.
As one of the first new product launches from Ingredion, Novation Endura starch pushes the boundaries in clean label food formulation, and demonstrates the company's commitment to creating pioneering ingredient solutions.
Novation's Innovative Technology Program allows Novation to work with member-led councils and task forces to identify and review new or innovative technology that provides an incremental clinical benefit over existing products.
National Starch Food Innovation has extended its Novation[R] range of clean label functional native starches in Europe with Novation Uno 260, a cost-effective solution which enables food manufacturers to formulate additive-free, appealing foods without the performance variability of traditional native starches.
National Starch Food Innovation has expanded its award-winning Novation[R] functional native starch portfolio with the addition of Novation 6260.