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Definition of 'Novation'
1.The act of replacing one participating member of a contract with another.
2. The exchange of new debts or obligations for older existing ones.
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Investopedia explains 'Novation'
1. All rights, duties, and terms are transferred to the new party upon consent of all parties affected.
2. A method used to extend the life of debt and obligations. Very similar to a rollover.
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Search results for 'Novation'
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http://stocks.investopedia.com/stock-analysis/2011/Medtronic-Still-Muddling-Through-MDT-STJ-NUVA-JNJ-ABT-OFIX0526.aspx
... Even granting that CRM sales are not great across the industry, Medtronic does seem
to be paying for its decision to stop doing business with Novation, a major ...
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