Definitions (2)

1. The substitution of a new contract for an old one; or the substitution of one party in a contract with another party.
2. The replacement of existing debt or obligation with a new one.

Use novation in a sentence

Once the novation was finished, we would be able to start a new venture in the marketplace, which would be amazing.

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The novation was well received as change was imminent after the event occurred so we were pleased with the new terms.

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My company had a contract with a supplier that was taken over by our competitor, but we were relieved to learn that legally our competitor had to step into the shoes of the supplier through novation.

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mature market erosion