Novation Agreement Law and Legal Definition
Novation agreement means a “legal instrument --
(1) Executed by the --
(i) Contractor (transferor);
(ii) Successor in interest (transferee); and
(iii) Government; and
(2) 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.” (48 CFR 2.101)
