novation

The substitution of a new contract for a previous contract, or the substitution of a new party for a previous party in a contract, so that the previous obligation is considered discharged or the previous obligor released.

The introduction of something new; innovation.

A revolution.

In law, the substitution of a new obligation for an old one, usually by the substitution of a new debtor or of a new creditor.

Innovation.

A substitution of a new debt for an old one; also, the remodeling of an old obligation; debt restructuring.

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.

(law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party