novation agreement

  

Definition

Legal instrument that formalizes an arrangement to substitute one party for another in a contract. See also novation.

Use novation agreement in a sentence

  • The novation agreement was in place and I knew that everyone would be okay in the long run with it.

    Was this Helpful?   (25)   (0)
  • When the CEO passed away suddenly, his son was relieved that they had a novation agreement on file that would ensure the company's assets and direction would be deferred to him without question.

    Was this Helpful?   (25)   (0)
  • My lawyer drew up a novation agreement that allows me to subsitute for my business partner at anytime when we are dealing with State Farm.

    Was this Helpful?   (25)   (0)
Show more usage examples...

Related Videos




http://www.businessdictionary.com/definition/novation-agreement.html

Have a question about novation agreement? Ask for help in the
Community
Browse by Letter: # A B C D E F G H I J K L M N O P Q R S T U V W X Y Z