novação — meaning in English
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English meaning
- novation noun The replacement of a contract, or of one of the parties to it, by a new agreement that all parties consent to, so that the original obligations are extinguished.
Senses
novação is used for these senses in English:
- novation (legal) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
novation — full definition
- noun The replacement of a contract, or of one of the parties to it, by a new agreement that all parties consent to, so that the original obligations are extinguished.
- noun In finance, the process by which a clearing house steps in between the two original parties to a trade and becomes the counterparty to each of them.
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