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What Is the Difference between Novation and Assignment in Contract Law?

Novation is the replacement of an original contract with a new one, extinguishing the original parties' obligations and introducing a new party (the CCP). Assignment is the transfer of a party's rights or benefits under an existing contract to a third party, but the original party often remains liable for the obligations.

Novation requires the consent of all parties; assignment generally does not.

What Is ‘Novation’ and How Does It Relate to the Function of a CCP?
How Does Novation by the Clearing House Reduce Counterparty Risk?
What Is ‘Novation’ in the Context of a CCP?
What Is the Process of Novation in a CDS Trade Cleared through a CCP?