novation
noun[CorU]
uk/nəʊˈveɪʃən/usLAW
asituationin which all thepartiesto acontract(= everyoneinvolvedin it)agreethat apersonnamedin thecontractcan bechangedfor anotherperson, oragreetochangesinitsconditions:
The mostimportantfacttonoteis that novationrequirestheconsentoracceptanceof allpartiesto therelevantcontract.