Section 3-125-14 - Novation, or change of name The following paragraphs are authorized for use in all contracts:
(1) "No assignment. No State contract is transferable, or otherwise assignable, without the written consent of the chief procurement officer or the head of a purchasing agency provided that a contractor may assign monies receivable under a contract after due notice to the State."(2) "Recognition of a successor in interest; assignment. When in the best interest of the State, a successor in interest may be recognized in an assignment agreement in which the transferor, the transferee and the State shall agree that: (A) The transferee assumes all of the transferor's obligations;(B) The transferor remains liable for all obligations under the contract but waives all rights under the contract as against the State; and(C) The transferor shall continue to furnish, and the transferee shall also furnish, all required bonds."(3) "Change of name. When a contractor requests to change the name in which it holds a contract with the State, the procurement officer responsible for the contract shall, upon receipt of a document indicating such change of name (for example, an amendment to the articles of incorporation of the corporation), enter into an agreement with the requesting contractor to effect such a , change of name. The agreement changing the name shall specifically indicate that no other terms and conditions of the contract are thereby changed."[Eff 12/15/95; am and comp NOV 17 1997] (Auth: HRS §§ 103D-202, 103D-501) (Imp: HRS § 103D-501)