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.
novation in 30 Seconds
- (noun) 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.
- (noun) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
Meanings
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1
noun 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.
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2
noun A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
Summary
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.
- (noun) 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.
- (noun) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
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