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/noʊˈveɪʃən/ · noun
(law) 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..
1998, London Clearing House, submission to the U.S. Commodity Futures Trading Commission http://www.cftc.gov/opa/press98/opa4163-98-att.htm Netting by novation will occur immediately upon registration of the transaction in the SCM's name.
A similar novation of infrastructure ownership was seen as a logical development for the operation of Merseyrail services. But this has remained with Network Rail, […].
An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.
Use novation when its meaning, tone and grammar fit the full sentence. A synonym is not always a direct replacement.
Novation means (law) 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..
The closest synonym depends on the sentence and intended sense.
The opposite depends on the specific sense.
1998, London Clearing House, submission to the U.S. Commodity Futures Trading Commission http://www.cftc.gov/opa/press98/opa4163-98-att.htm Netting by novation will occur immediately upon registration of the transaction in the SCM's name.
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