novation

Meaning (English)

the replacement of one contract or party by a new one with consent

Meaning (मराठी)

कराराचे नवीकरण, संमतीने नवा करार करून जुना संपुष्टात आणणे

Used in a sentence

The concession was transferred to the new operator by way of novation, not assignment.

हा परवाना हस्तांतरणाने नव्हे तर कराराच्या नवीकरणाद्वारे नव्या चालकाकडे सोपविण्यात आला.

Synonyms

substitution, replacement of contract