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Titulo Substitutivo de Contrato

English translation: Novation Agreement or Substitution of Contract Agreement

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GLOSSARY ENTRY (DERIVED FROM QUESTION BELOW)
Portuguese term or phrase: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)
Portuguese term or phrase: Titulo Substitutivo de Contrato
legal term
Jerry
Novation 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.
Selected response from:

Claudia Costa
United States
Local time: 09:43
Grading comment
Thank you
4 KudoZ points were awarded for this answer

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Summary of answers provided
4 +1Novation Agreement or Substitution of Contract Agreement
Claudia Costa
2Agreement Provisory Name/Title"
Clauwolf


  

Answers


51 mins   confidence: Answerer confidence 2/5Answerer confidence 2/5
Agreement Provisory Name/Title"


Explanation:
:)

Clauwolf
Local time: 10:43
Works in field
Native speaker of: Native in PortuguesePortuguese
PRO pts in category: 148
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1 hr   confidence: Answerer confidence 4/5Answerer confidence 4/5 peer agreement (net): +1
Novation 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.

Claudia Costa
United States
Local time: 09:43
Works in field
Native speaker of: Portuguese
PRO pts in category: 4
Grading comment
Thank you

Peer comments on this answer (and responses from the answerer)
agree  Claudio Mazotti: living and learning...
13 mins
  -> Thank you, KlausinSP!
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