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Novation
Novation is a used to describe the act of substituting an existing contract with a new one and accepted by all parties involved.
The debt can also be in the form of a debt or obligation.
The most common reason when novation arise is when current tenants assign their lease obligations to a new tenant.
For example, a tenant might have 9 month remaining on the rental agreement but has to move overseas for work purposes. To avoid paying penalties for the breach of the rental contract, a new tenant is assigned the existing lease and terms.
Sometimes landlords controlling whole buildings might also enforce a requirement for all tenants to endorse novation agreements. This effectively replaced the terms of the old agreement with the terms of the new one.
The word novation can also be used in the context of assignment of contracts. Such as in the case of an assumable mortgage.
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