27 Miss. Code. R. 100-3-103 - NOVATION/BUYOUT OR CHANGE OF NAME

3-103.01 No Assignment

No contract requiring PSCRB approval is transferable or otherwise assignable without the prior approval of the PSCRB; however, a contractor may assign monies receivable under a contract after due notice to the State and the contracting entity, and with the approval of the PSCRB.

3-103.02 Recognition of a Successor in Interest 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.

3-103.03 Change of Name

When a contractor requests to change the name in which it holds a contract with the State, 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 contractor to effect the change. The agreement changing the name shall specifically indicate that no other terms and conditions of the contract are changed. This change must be approved by the PSCRB.

Notes

27 Miss. Code. R. 100-3-103

Adopted 1/15/2015 Amended 1/15/2015 Amended 4/14/2016 Amended 7/1/2016