Novation and Assignment. If the Contractor sells its interests in the Contract to another business entity (hereinafter “assignee”), the original Contractor must notify the AOC of the assignment within five (5) business days. The Contractor’s assignee and the AOC must sign a novation agreeing to continue with the original terms of the Contract. The assignee must accept all liability on behalf of the Contractor and submit the necessary documentation (i.e. Certificate of Insurance) with identical insurance coverage to the Contractor to the Procurement Officer within five (5) business days of notifying the AOC of the assignment.
Appears in 3 contracts
Sources: Staff Augmentation & Professional Consulting Services Contract, Standard Contract Agreement, Standard Contract Agreement