Terminus [ Novation ]

Definition 1
Der rechtliche Vorgang, bei dem die ursprünglichen Geschäftspartner durch einen einzigen Vertragspartner, einen zentralen Kontrahenten, ersetzt werden, wird im Allgemeinen als Novation (Schuldumwandlung) bezeichnet.
EZBmb8/01

Definition 1
A novation is an agreement among the two contracting parties and a third party whereby all parties agree that this third party shall perform the duties of one of the original parties to the contract. For example, if a patient agrees that a new doctor may assume the duties of a prior doctor under an original contract, and the new doctor accepts the delegation of these duties, this three-way agreement is a novation and the first doctor is relieved of the obligation.
businesslaw

Definition 2
satisfaction and discharge of existing contractual obligations by means of their replacement by new obligations (whose effect, for example, is to replace gross with net payment obligations). The parties to the new obligations may be the same as to the existing obligations or, in the context of some clearing house arrangements, there may additionally be substitution of parties.
BISpaymentsGL

Definition 3
The legal process of replacing the original counterparties and becoming the single counterparty for all participants is generally called novation.
ECBmb8/01

Anmerkung
Replacing one or a series of contracts with a new contract, often with a third party replacing one of the original parties. Novation may be used to cancel agreements that have already been offset with other agreements. It is usually reserved for situations where any risk associated with the creation of a new agreement is offset by the release of capital or credit lines tied up in an unnecessarily complex structure. See also Netting by Novation. ifciGL