novation englannista kaikille kielille - Sanakirja.org (englanti-*)

(law) Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.
(law) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.

Netting by novation will occur immediately upon registration of the transaction in the SCM's name. — London Clearing House submission to the CFTC http://www.cftc.gov/opa/press98/opa4163-98-att.htm
An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.

Monikko