Titulo Substitutivo de Contrato
English translation: Novation Agreement or Substitution of Contract Agreement
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| 14:00 May 18, 2005 |
| Portuguese to English translations [Non-PRO] Law/Patents - Law: Contract(s) | ||||
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|  Selected response from: Claudia Costa United States Local time: 01:49 | |||
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| 4 +1 | Novation Agreement or Substitution of Contract Agreement |
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| 2 | Agreement Provisory Name/Title" |
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Answers
51 mins confidence: 
Agreement Provisory Name/Title" Explanation: :) |
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1 hr confidence: peer agreement (net): +1
peer agreement (net): +1Novation Agreement or Substitution of Contract Agreement Explanation: Novation---Means substitution of new contract for the old one---New distinct contract between parties.-- Novation Agreement https://acc.dau.mil/simplify/ev.php?ID=1313_201&ID2=DO_TOPIC Definition: A novation agreement is a legal instrument executed by (a) the contractor (transferor), (b) the successor in interest (transferee), and (c) the Government by which, among other things, the transferor guarantees performance of the contract, the transferee assumes all obligations under the contract, and the Government recognizes the transfer of the contract and related assets. Application: Novation is the replacement of one contract between two parties with another contract, either between the same parties or others. Novation requires the consent of all parties. Consideration is still required for the new contract but it is usually assumed to be the discharge of the former contract. Limitation: The criteria for a successful novation is the complete acceptance of the liability by the new debtor, the acceptance of the new debtor by the creditor, and the acceptance by the outgoing creditor of the new contract as full performance of the old contract. |
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