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Ovation vs Novation - What's the difference?

ovation | novation |

As nouns the difference between ovation and novation

is that ovation is prolonged enthusiastic applause 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.

ovation

English

(wikipedia ovation)

Noun

(en noun)
  • Prolonged enthusiastic applause.
  • *
    • , title=(The Celebrity), chapter=5 , passage=Although the Celebrity was almost impervious to sarcasm, he was now beginning to exhibit visible signs of uneasiness, the consciousness dawning upon him that his eccentricity was not receiving the ovation it merited.}}
  • (Ancient Rome ) A victory ceremony of less importance than a triumph.

    • Derived terms

    * standing ovation

    novation

    English

    (wikipedia novation)

    Noun

    (-)
  • (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.

    • Related terms

    * novate * novatio