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Novation
/noʊˈveɪʃən/
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.
📖 Definitions of "Novation"
noun
- 1
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
A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
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