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.

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  • 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.

    17 people found this helpful
  • 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.

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