Assignment vs Novation - What's the difference?
assignment | novation |
The act of assigning; the allocation of a job or a set of tasks.
The categorization of something as belonging to a specific category.
An assigned task.
A position to which someone is assigned.
(education) A task given to students, such as homework or coursework.
(legal) A transfer of something from one person to another, especially property, or a claim or right.
(legal) A document that effects this transfer.
(computing) An operation that assigns a value to a variable.
(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.
In lang=en terms the difference between assignment and novation
is that assignment is a document that effects this transfer while novation is a new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.As nouns the difference between assignment and novation
is that assignment is the act of assigning; the allocation of a job or a set of tasks while 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.assignment
English
(wikipedia assignment)Noun
(en noun)- This flow chart represents the assignment of tasks in our committee.
- We should not condone the assignment of asylum seekers to that of people smugglers.
- The assignment the department gave him proved to be quite challenging.
- Unbeknownst to Mr Smith, his new assignment was in fact a demotion.
- Mrs Smith gave out our assignments , and said we had to finish them by Monday.
- The assignment of the lease has not been finalised yet.
- Once you receive the assignment in the post, be sure to sign it and send it back as soon as possible.