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novation
no·va·tion [ nō váysh'n ]


noun 
Definition:
 
renewal of contract: the replacement of an old contract or obligation with a new one
[Early 16th century. < late Latin novation-< Latin novare "make new" < novus "new"]
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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