Section 2 AAC 12.480 - Novation or change of name(a) A state contract or subcontract may not be transferred or otherwise assigned without the prior written consent of the procurement officer responsible for the contract.(b) If the procurement officer responsible for the contract determines it is in the best interests of the state, a successor in interest may be recognized in a novation agreement in which the transferor and the transferee agree that (1) the transferee assumes all of the transferor's obligations under the contract;(2) the transferor waives any and all rights it has under the contract against the state; and(3) the transferee furnishes satisfactory performance and payment bonds, if required by the procurement officer.(c) If a contractor requests to change the name in which it holds a contract with the state, the procurement officer responsible for the contract may, when it is in the best interests of the state, enter into an agreement with the requesting contractor to effect the change of name. The agreement changing the name must specifically indicate that no other terms and conditions of the contract are changed.(d) An assignment of payments of a state contract may not be made without the prior written consent of the contracting agency responsible for the contract.Eff. 1/1/88, Register 104; am 3/30/90, Register 113; am 11/28/97, Register 144