novation
/nəʊˈveɪʃən/ noun [C or U]Definition
› LAW a situation in which all the parties to a contract (= everyone involved in it) agree that a person named in the contract can be changed for another person, or agree to changes in its conditions: The most important fact to note is that novation requires the consent or acceptance of all parties to the relevant contract.
(Definition of novation noun from the Cambridge Business English Dictionary
© Cambridge University Press)
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