Definition of "novation"
  1. The deliberate replacement of an existing contract with a new one, often with changes in involved parties, responsibilities, or payment conditions
How to use "novation" in a sentence
  1. The two businesses agreed on a novation to modify their partnership terms.
  2. The landlord and the tenant pursued a novation to alter the rent schedule.
  3. After merger of the two firms, novation was required to adjust contractual obligations.

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