EFEECT OF NOVATION ON ARBITRATION A review of the case between NNPC V. CLIFCO Nig. Ltd. (2011)2 CLRN

As defined by the Black Laws dictionary, a novation agreement is a type of substitute contract that has the effect of adding a party either as an Obligor or Obligee who was not a party to the original duty. In other words, it is the substitution of a new contract, the debt or the obligation for an existing contract between the same or different parties, save the provision that the substitution must be done by mutual agreement of all parties concerned. A novation agreement is never presumed or implied by law. Add your comment
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