Novation vs Agreement - What's the difference?
novation | agreement |
(legal) 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.
* Netting by novation will occur immediately upon registration of the transaction in the SCM's name. — London Clearing House submission to the CFTC [http://www.cftc.gov/opa/press98/opa4163-98-att.htm]
(legal) 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.
(countable) An understanding between entities to follow a specific course of conduct.
* {{quote-magazine, date=2013-07-19, author=(Timothy Garton Ash)
, volume=189, issue=6, page=18, magazine=(The Guardian Weekly)
, title= (uncountable) A state whereby several parties share a view or opinion; the state of not contradicting one another.
(uncountable, legal) A legally binding contract enforceable in a court of law.
(uncountable, linguistics) Rules that exist in many languages that force some parts of a sentence to be used or inflected differently depending on certain attributes of other parts.
*
An agreeable quality.
* 1650 , (John Donne), "Elegie XVII":
As nouns the difference between novation and agreement
is that novation is 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 while agreement is an understanding between entities to follow a specific course of conduct.novation
English
(wikipedia novation)Noun
(-)agreement
English
Noun
Where Dr Pangloss meets Machiavelli, passage=Hidden behind thickets of acronyms and gorse bushes of detail, a new great game is under way across the globe.
- Having clarified what we mean by ‘Person? and ‘Number?, we can now return to our earlier observation that a finite I is inflected not only for Tense, but also for Agreement . More particularly, I inflects for Person and Number, and must ‘agree? with its Subject, in the sense that the Person/Number features of I must match those of the Subject.
- Her nymph-like features such agreements have / That I could venture with her to the grave [...].