different between novation vs akteration
novation
English
Etymology
Borrowed from Latin nov?ti? (“a renewing, rennovation”), from nov?, from novus (“new”). Compare novel, novelty.
Pronunciation
- IPA(key): /no??ve???n/
Noun
novation (countable and uncountable, plural novations)
- (law) 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.
- 1998, London Clearing House, submission to the U.S. Commodity Futures Trading Commission [1]
- Netting by novation will occur immediately upon registration of the transaction in the SCM's name.
- 1998, London Clearing House, submission to the U.S. Commodity Futures Trading Commission [1]
- (law) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.
- An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.
Related terms
- novate
- novatio
Translations
novation From the web:
- what novation means
- what novation agreement means
- what novation means in law
- what's novation agreement
- what novation law
- novation what does it mean
- what is novation in real estate
- what is novation in contract law
akteration
akteration From the web:
- what alteration
- what alterations can a tailor make
- what alterations can be done to a wedding dress
- what alteration means
- what alterations can be made to a shirt
- what alterations are free at nordstrom
- what alterations can be done to a suit
- what alterations might be made in a house
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