Mississippi Administrative Code
Title 12 - Finance and Administration
Part 9 - Office of Personal Service Contract Review Rules and Regulations
Chapter 14 - CONTRACTS
Section 12-9-14.6 - Contract Assignment
Current through September 24, 2024
A contractor may assign all rights and obligations under a contract to another entity only with the express, written consent of the Agency with whom it has contracted. The Agency shall determine if the assignment is in the Agency's best interest prior to providing consent.
14.6.1 Novation Required to Document a Contract Assignment
The assignment of the contract to a successor in interest shall be recognized in a Novation document. A Novation is appropriate to recognize an assignment of contract rights and obligations from a contractor to a different private sector entity, as well as from one state Agency to another.
On the Novation document, the original contractor shall be identified as the Transferor and the contractor to whom the rights and obligations will be assigned shall be identified as the Transferee. The Novation agreement shall explicitly state that the Transferor and the Transferee agree:
* the Transferee assumes all of the Transferor's obligations;
* the Transferor waives all rights under the contract as to the Agency and the state; and
* either the Transferor guarantees performance of the contract by the Transferee, or the Transferee shall provide a performance bond which is satisfactory to the Agency.
14.6.2 OPSCR Staff Authority
PPRB has delegated authority to approve contract assignments to OPSCR staff.
