novation.
Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.
Meaning & usage
Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.
A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.
Where this word comes from
Borrowed from Latin novātiō (“a renewing, rennovation”), from novō, from novus (“new”). Compare novel, novelty.
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Definitions, grammatical labels, IPA, etymology and examples: Wiktionary contributors, extracted by Kaikki / Wiktextract. Adapted under CC BY-SA 4.0. Selected fields and authored examples are shown; third-party quotations and audio are omitted. See contributor history.
Last enriched 2026-09-10. Definitions are in English. Romanizations are shown when supplied by the source; syllable estimates are omitted for unsupported scripts.