Define: Novate

• Novate means the substitution of a previous commitment with a fresh one, either by exchanging an established commitment with a newer promise or replacing one person in a contract with another. Seen in 3 SEC filings
• Novate means the act of assigning rights and assuming responsibilities. Seen in 2 SEC filings
• Novate means to replace, whenever all parties to a contract agree, a current obligation to a new obligation from a specified date. Seen in 2 SEC filings
• Novate means the act of reassigning the duties and rights of a contract. Seen in 1 SEC filing
• Novate or “Novated"" means transferring the full rights and duties of a contract from one party to another, with the mutual consent of all parties involved. Seen in 1 SEC filing

Note: The Genie AI Legal Assistant pulled this data out of the SEC EDGAR Database of 500,000 records from the past 22 years of filings. We regularly update this page as new filings and definitions come in.

Search EDGAR for 'Definitions of novate' yourself to verify these results. We are always keen to point people to source documents.

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Which definition should you use?

🤔 Our AI Legal Assistant has combined and improved the above descriptions to create market-standard 'Genie definitions' below, with guidance on which documents and which industry to use for each.

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Genie Definition 1

Novate means the agreed substitution of an existing commitment with a fresh one, or replacing a contractual party.

Relevant Contract Types

• Mergers and Acquisitions Agreement
• Shareholders Agreement
• Lease Agreement
• Contract For Services
• Partnership Agreements

Relevant Circumstances

• Business restructuring or reorganisation
• Transfer of proprietary rights
• Change in parties to a contract due to various reasons like retirement or exit of a partner

Relevant Sectors

• Real Estate
• Technology
• Finance
• Healthcare

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