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- Novation abstract "In contract law and business law, novation is the act of either: replacing an obligation to perform with a new obligation; or adding an obligation to perform; or replacing a party to an agreement with a new party.In contrast to an assignment, which is valid so long as the obligee (person receiving the benefit of the bargain) is given notice, a novation is valid only with the consent of all parties to the original agreement: the obligee must consent to the replacement of the original obligor with the new obligor. A contract transferred by the novation process transfers all duties and obligations from the original obligor to the new obligor.For example, if there exists a contract where Dan will give a TV to Alex, and another contract where Alex will give a TV to Becky, then, it is possible to novate both contracts and replace them with a single contract wherein Dan agrees to give a TV to Becky. Contrary to assignment, novation requires the consent of all parties. Consideration is still required for the new contract, but it is usually assumed to be the discharge of the former contract.Another classic example is where Company A enters a contract with Company B and a novation is included to ensure that if Company B sells, merges or transfers the core of their business to another company, the new company assumes the obligations and liabilities that Company B has with Company A under the contract. So in terms of the contract, a purchaser, merging party or transferee of Company B steps into the shoes of Company B with respect to its obligations to Company A. Alternatively, a "novation agreement" may be signed after the original contract in the event of such a change. This is common in contracts with governmental entities; an example being under the United States Anti-Assignment Act, the governmental entity that originally issued the contract must agree to such a transfer or it is automatically invalid by law.The criteria for novation comprise the obligee's acceptance of the new obligor, the new obligor's acceptance of the liability, and the old obligor's acceptance of the new contract as full performance of the old contract. Novation is not a unilateral contract mechanism, hence allows room for negotiation on the new T&Cs under the new circumstances. Thus, 'acceptance of the new contract as full performance of the old contract' may be read in conjunction to the phenomenon of 'mutual agreement of the T&Cs.".
- Novation wikiPageID "2023164".
- Novation wikiPageRevisionID "584599586".
- Novation hasPhotoCollection Novation.
- Novation subject Category:Business_law.
- Novation subject Category:Financial_terminology.
- Novation comment "In contract law and business law, novation is the act of either: replacing an obligation to perform with a new obligation; or adding an obligation to perform; or replacing a party to an agreement with a new party.In contrast to an assignment, which is valid so long as the obligee (person receiving the benefit of the bargain) is given notice, a novation is valid only with the consent of all parties to the original agreement: the obligee must consent to the replacement of the original obligor with the new obligor. ".
- Novation label "Novación".
- Novation label "Novation".
- Novation label "Novation".
- Novation label "Novazione".
- Novation label "Nowacja".
- Novation label "Новация".
- Novation label "更改".
- Novation sameAs Novace.
- Novation sameAs Novation.
- Novation sameAs Novación.
- Novation sameAs Novazione.
- Novation sameAs 更改.
- Novation sameAs 경개.
- Novation sameAs Nowacja.
- Novation sameAs m.06fv85.
- Novation sameAs Q1542886.
- Novation sameAs Q1542886.
- Novation wasDerivedFrom Novation?oldid=584599586.
- Novation isPrimaryTopicOf Novation.