novationPronunciation: /nə(ʊ)ˈveɪʃ(ə)n/Definition of novation noun [mass noun] Law the substitution of a new contract in place of an old one. Derivatives novate verb Origin: early 16th century: from late Latin novatio(n-), from the verb novare 'make new'novation in other Oxford dictionaries Definition of novation in the US English dictionary