Definition of Novation agreement:
Legal instrument that formalizes an arrangement to substitute one party for another in a contract. See also novation.
How to use Novation agreement in a sentence?
- The novation agreement was in place and I knew that everyone would be okay in the long run with it.
- When the CEO passed away suddenly, his son was relieved that they had a novation agreement on file that would ensure the companys assets and direction would be deferred to him without question.
- My lawyer drew up a novation agreement that allows me to subsitute for my business partner at anytime when we are dealing with State Farm.
Meaning of Novation agreement & Novation agreement Definition