VS.

Innovation vs. Novation

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Innovationnoun

The act of innovating; the introduction of something new, in customs, rites, etc.

Novationnoun

(legal) Replacement of a contract with one or more new contracts, in particular in financial markets the replacement of a contract between a particular buyer and seller with contracts between the clearing house and each party.

Innovationnoun

A change effected by innovating; a change in customs

Novationnoun

(legal) A new contract between the original contracting parties whereby the first obligation is extinguished and a new obligation is substituted.

‘An example of a novation is where an original debt which was payable in two instalments is novated to become payable in five installments.’;

Innovationnoun

Something new, and contrary to established customs, manners, or rites.

Novationnoun

Innovation.

‘I shall easily grant that novations in religion are a main cause of distempers in commonwealths.’;

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Innovationnoun

A newly formed shoot, or the annually produced addition to the stems of many mosses.

Novationnoun

A substitution of a new debt for an old one; also, the remodeling of an old obligation; debt restructuring.

Innovationnoun

The act of innovating; introduction of something new, in customs, rites, commercial products, etc.

Novationnoun

(law) the replacement of one obligation by another by mutual agreement of both parties; usually the replacement of one of the original parties to a contract with the consent of the remaining party

Innovationnoun

A change effected by innovating; a change in customs; something new, and contrary to established customs, manners, or rites.

‘The love of things ancient doth argue stayedness, but levity and lack of experience maketh apt unto innovations.’;

Novation

Novation, in contract law and business law, is the act of – replacing an obligation to perform with another obligation; or adding an obligation to perform; or replacing a party to an agreement with a new party.In international law, novation is the acquisition of territory by a sovereign state through .

‘the gradual transformation of a right in territorio alieno [in foreign territory] into full sovereignty without any formal and unequivocal instrument to that effect intervening’;

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Innovationnoun

A newly formed shoot, or the annually produced addition to the stems of many mosses.

Innovationnoun

a creation (a new device or process) resulting from study and experimentation

Innovationnoun

the creation of something in the mind

Innovationnoun

the act of starting something for the first time; introducing something new;

‘she looked forward to her initiation as an adult’; ‘the foundation of a new scientific society’; ‘he regards the fork as a modern introduction’;

Innovationnoun

the action or process of innovating

‘innovation is crucial to the continuing success of any organization’;

Innovationnoun

a new method, idea, product, etc.

‘technological innovations designed to save energy’;

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Innovation

Innovation is the practical implementation of ideas that result in the introduction of new goods or services or improvement in offering goods or services. ISO TC 279 on innovation management proposes in the standards, ISO 56000:2020 to define innovation as .

‘a new or changed entity creating or redistributing value’;

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