ONTOLOGY EXPLORER
novateable contract
<https://spec.edmcouncil.org/fibo/ontology/FND/Agreements/Contracts/NovateableContract>
プロパティと値
| プロパティ | 値 |
|---|---|
| type | Class |
| label | "novateable contract" |
| subClassOf | TransferableContract |
| definition | "contract that may be replaced by another contract, and in that event, extinguishes the rights and obligations in effect under the original contract with those in the new agreement" |
| explanatoryNote | "In general, novation means consensual substitution of a party or obligation in the original contract with a new party or obligation in the successor contract. The new party takes on the rights and obligations of the original party. The corresponding novation agreement must be signed by the transferor, the transferee, and the counterparty (the other contracting party). Novation is frequently used in mergers and acquisitions to replace any outstanding relationships or rights and obligations of the organization being subsumed with relationships or obligations of the acquiring entity. It is also commonly used with respect to loan rescheduling." |
| explanatoryNote | "Novation is different from assignment in the following ways: (1) novation is a consensual transfer of contractual rights and obligations, while an assignment can transfer only obligations and does not require the consent of the benefiting party, and (2) novation terminates the original contract, but assignment does not." |
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