Novation Agreement - Definition
From Knowledge base
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]
Related Information
For background related to novations, the reason they are needed and more on the Anti-Assignment Act, look in the Category: Novation.
References
- ↑ DCMA INST 132, March 20, 2014
