Section 12-6-3.104.02 - Recognition of a Successor in Interest; NovationWhen, in the best interest of the State, a successor in interest may be recognized in a novation agreement in which the transferor and the transferee shall agree that:
(1) The transferee assumes all of the transferor's obligations;(2) The transferor waives all rights under the contract as against the State; and(3) Unless the transferor guarantees performance of the contract by the transferee, the transferee shall, if required, furnish a satisfactory performance bond.12 Miss. Code. R. 6-3.104.02