Mississippi Administrative Code
Title 12 - Finance and Administration
Part 6 - Office of Purchasing, Travel and Fleet Management
Chapter 3 - Source Selection and Contract Formation
Sec2 12-6-3.104 - Novation or Change of Name (Assignment)
Section 12-6-3.104.02 - Recognition of a Successor in Interest; Novation

Universal Citation: MS Code of Rules 12-6-3.104.02

Current through September 24, 2024

When, in the best interest of the State, a successor in interest may be recognized in a novation agreement in which the transferor and the transferee shall agree that:

(1) The transferee assumes all of the transferor's obligations;

(2) The transferor waives all rights under the contract as against the State; and

(3) Unless the transferor guarantees performance of the contract by the transferee, the transferee shall, if required, furnish a satisfactory performance bond.

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