(Government contracting) A formal agreement under which a contracting authority or government agency recognises the transfer of a contract from the original contractor to a successor entity, typically following a merger, acquisition, asset sale, or corporate reorganisation. In U.S. federal procurement, a novation agreement is normally executed by the Government, the transferor (original contractor), and the transferee (successor contractor). Until a novation is recognised where required, the original contractor generally remains responsible for contract performance.
Novation Agreement
A formal agreement by which the government recognises the transfer of a contract to a successor entity after a merger, acquisition, or reorganisation.
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Related Glossary Terms
The official compilation of permanent U.S. federal laws, providing the statutory basis for many contracting requirements.
A global classification system used to categorize products and services for procurement and spend analysis.
A unique 12-character identifier assigned via SAM.gov to organizations doing business with the federal government, replacing the DUNS number.
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