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Legal Terms
Term: novation
1.
The termination of a contract between two parties, accompanied simultaneously by the assumption of the same obligations by one of the parties by a third party, such that the contract services continues without hiatus to the other contracting party.
The assumption of obligations and liabilities of the incoming contracting party are distinct from those of the outgoing contracting party.
Usage: The first supplier suggested that novation of the contract with a second supplier would accommodate the additional skills required by the company requiring outsourcing services.
Related Words: contract; consideration; offer; acceptance; mutual mistake; unilateral mistake; common mistake; rectification; rescission.
Regulatory Compliance – EC Directive on Privacy and Electronic Communications 2002
Regulatory Compliance – Regulatory Compliance Briefing Note - Implied Terms in Business Contracts for the Sale of Goods
Contract Negotiation – Briefing Note - Outsourcing Software & Hardware Maintenance and Support
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