Definitions

1. noun

The act of introducing new ideas or methods, especially in business or technology.

“The company’s new innovation strategy was a novation in the industry.”

2. noun

A new or original thing, especially an idea or method.

“The artist’s latest novation in sculpture was a talking point at the exhibition.”

3. noun

A change in the ownership of a contract, especially one in which a new party assumes the rights and liabilities of the original party.

“The novation of the contract transferred the liability to the new company.”

4. verb

To introduce or bring into use something new, especially a method or idea.

“The company will novate its new software next quarter.”