Definitions from the Web
Novate
Definition:
(transitive verb)
- To replace an existing obligation or contract with a new one.
- (law) To substitute a new party in a contract or agreement, typically releasing the original party from liability.
- (technology) To upgrade or replace software, hardware, or systems with newer versions or technologies.
Sample Sentences:
- They decided to novate their mortgage with a different lending institution to take advantage of lower interest rates.
- In the case of a business merger, the acquiring company may novate the contracts of the acquired company, assuming all rights and obligations.
- The company decided to novate its legacy computer systems with more modern and efficient technology.
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