Difference between revisions of "Novation Agreement - Definition"
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Revision as of 10:13, 31 October 2014
Novation Agreement
A legal instrument executed by
- (1) Contractor (transferor),
- (2) Successor in interest (transferee), and
- (3) Government, and, by which, among other things, the transferor guarantees performance of the contract, the transferee assumes all obligations under the contract, and the Government recognizes the transfer of the contract and related assets in accordance with FAR 2.1.[1]
References
- ↑ DCMA INST 132, March 20, 2014
