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Qué (quién) es novation - definición
LEGAL CONCEPT OF SUBSTITUTING A NEW CONTRACT IN PLACE OF AN OLD ONE
Anti-Assignment Act
novation
[n?(?)'ve??(?)n]
¦ noun Law the substitution of a new contract in place of an old one.
Derivatives
novate verb
Origin
C16: from late L. novatio(n-), from novare 'make new'.
novation
n. agreement of parties to a contract to substitute a new contract for the old one. It extinguishes (cancels) the old agreement. A novation is often used when the parties find that payments or performance cannot be made under the terms of the original agreement, or the debtor will be forced to default or go into bankruptcy unless the debt is restructured. While voluntary, a novation is often the only way any funds can be paid.
See also: accord and satisfaction
Novation
·noun Innovation.
II. Novation ·noun A substitution of a new debt for an old one; also, the remodeling of an old obligation.
Wikipedia
Novation
Novation, in contract law and business law, is the act of –
- replacing an obligation to perform with another obligation; or
- adding an obligation to perform; or
- replacing a party to an agreement with a new party.
In international law, novation is the acquisition of territory by a sovereign state through "the gradual transformation of a right in territorio alieno [in foreign territory] into full sovereignty without any formal and unequivocal instrument to that effect intervening".
Ejemplos de uso de novation
1. Novation denies that it has violated any US regulations.
2. Novation is the subject of a Senate investigation for alleged anti–competitive behaviour.
3. From October 1, Novation will become responsible for negotiating the purchase of 500,000 product lines needed by the NHS, including everything from bandages to hip implants.
4. From October 1, DHL and its and its Texas–based partner, Novation, will take over NHS Logistics – which supplies hospitals with food, bedding and equipment – in the biggest–ever NHS privatisation.
5. The American medical supply company Novation is part of a consortium which will take over NHS Logistics Authority, the non–profit body that takes products, ranging from food and blankets to medical equipment, to hundreds of hospitals and clinics every day.