Novations financial definition of novations
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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
The substitution of one debt with another debt.
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
Developed and tested over a two year period at Ingredion Idea LABS innovation centres across Europe and the USA, the new Novation
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This makes Novation
Indulge 1720 perfect for the yoghurt market, including Greek-style products that have become increasingly popular.
Pulmodyne has secured a contract from Novation
, the leading health care supply chain expertise and contracting company for the members of VHA Inc., UHC, Children's Hospital Association, and Provista LLC.