Englisch-Litauisch Übersetzung für novation

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
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.

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