English-German translations for novation

• Neuerungsvertrag der
• Novation die

Definition of 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
• A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted

Examples

• An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.

Related words

• innovation
• renovation
• innovational
• renovation of old buildings
• innovation pull
• innovation push
• innovation economics
• old-building renovation
• air renovation