Ahmed Y.’s Post

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Director of Risk Management | Head of Risk Function | P. Eng. | IRMCert | PMP | PMI-RMP | PRINCE 2 | COSO | ISO 31000 | ERM | Project Management (PMO – PMC) | GRC | Business Continuity & Resilience

Novation in contracts refers to the process by which an original contract is replaced with a new contract, wherein a new party takes over the rights and obligations of one of the original parties to the contract, with the consent of all parties involved. This process is distinct from assignment, as novation transfers both the benefits and the burdens under the contract, whereas assignment typically transfers only the benefits.

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