novation

Meaning

1. (countable, uncountable) 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.
2. (countable, uncountable) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.

Synonyms

instauration

novelty

regeneration

renewal

reorganisation

Translations

ανανέωση

novació

Erneuerung

ανανέωση σύμβασης

novation

nieuwigheid

الاستبدال

novação

Pronounced as (IPA)

/noʊˈveɪʃən/

Etymology

Borrowed from Latin novātiō (“a renewing, rennovation”), from novō, from novus (“new”). Compare novel, novelty.