12 Miss. Code. R. 8-300.6 - ASSIGNMENT AND NOVATION

(1) Assignment: No lease contract subject to PPRB approval is transferable or otherwise assignable without prior approval of the PPRB, however; a Lessor may assign monies receivable under a contract after due notice to the State and the contracting entity, and with the approval of the RPM Division Director.

(2) Change of Name: When a Lessor requests to change the name in which it holds a contract with the State, or where such change is necessitated by the death of a property owner, the agency 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 Lessor to effect the change. The agreement changing the name shall specifically indicate that no other terms and conditions of the contract are changed.

(3) Novation: When, in the best interest of the State, a successor in interest may be recognized in a novation agreement, the transferor and the transferee must agree that:

a. The transferee assumes all of the transferor's obligations;

b. The transferor waives all rights under the contract as against the State; and,

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

Notes

12 Miss. Code. R. 8-300.6

Adopted 3/16/2018