novate

[ˈnəʊveɪt]

novate Definition

replace or supersede (an existing legal instrument) by a new one.

Using novate: Examples

Take a moment to familiarize yourself with how "novate" can be used in various situations through the following examples!

• Example

  The company decided to novate the old contract with a new one.

• Example

  The parties agreed to novate the agreement to include the new terms.

• Example

  The legal team advised the client to novate the outdated lease agreement.

novate Synonyms and Antonyms

Synonyms for novate

• update
• revise
• amend

Phrases with novate

• novation agreement

  a legal document that transfers the rights and obligations of one party under an existing contract to a new party, replacing the original party

  Example

  The novation agreement was signed by all parties involved in the transaction.

• novate a loan

  transfer the responsibility of repaying a loan from one borrower to another

  Example

  The bank allowed the borrower to novate the loan to his business partner.

• novate a lease

  replace an existing lease agreement with a new one, transferring the rights and obligations to a new tenant

  Example

  The landlord agreed to novate the lease to the new tenant.

Origins of novate

from Latin 'novare', meaning 'make new'

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Summary: novate in Brief

'Novate' [ˈnəʊveɪt] means to replace or supersede an existing legal instrument with a new one. It is often used in the context of contracts, agreements, and leases, as in 'The company decided to novate the old contract with a new one.' 'Novate' can also refer to the transfer of rights and obligations from one party to another, as in 'The bank allowed the borrower to novate the loan to his business partner.'