Haw. Code R. § 3-125-14 - Novation, or change of name

The following paragraphs are authorized for use in all contracts:

(1) "No assignment. No State contract is transferable, or otherwise assignable, without the written consent of the chief procurement officer or the head of a purchasing agency provided that a contractor may assign monies receivable under a contract after due notice to the State."

(2) "Recognition of a successor in interest; assignment. When in the best interest of the State, a successor in interest may be recognized in an assignment agreement in which the transferor, the transferee and the State shall agree that:

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

(B) The transferor remains liable for all obligations under the contract but waives all rights under the contract as against the State; and

(C) The transferor shall continue to furnish, and the transferee shall also furnish, all required bonds."

(3) "Change of name. When a contractor requests to change the name in which it holds a contract with the State, the procurement officer responsible for the contract shall, upon receipt of a document indicating such change of name (for example, an amendment to the articles of incorporation of the corporation), enter into an agreement with the requesting contractor to effect such a, change of name. The agreement changing the name shall specifically indicate that no other terms and conditions of the contract are thereby changed."

Notes

Haw. Code R. § 3-125-14

[Eff 12/15/95; am and comp NOV 17 1997] (Auth: HRS §§ 103D-202, 103D-501) (Imp: HRS § 103D-501)