Federal Assignment Of Claims Act

Federal Assignment Of Claims Act-70
Other Forms This is a list of forms from GSA and other agencies that are frequently used by GSA employees.Visit gov to find state tax exemption forms and/or links directly to state websites.

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According to 41 USCS § 15, no contract shall be transferred by the party to whom the contract is given to any other party, if the United states government is involved, and that such an assignment annuls the contract transferred.

The above stated federal anti assignment statute provides an exception for some assignments to financial institutions.

Standard Forms (SF) This is a list of standard government forms that start with the letters "SF".

Optional Forms (OF) This is a list of optional government forms that start with the letters "OF".

For instance, when one acquires an interest in an entity holding government contracts, the contracts themselves are not being assigned to a different party. In addition, even the slightest change in a transaction structure may warrant opposing results. Given the inconsistent treatment of mergers and consolidations by courts and contracting officers alike, parties involved in deal-making with entities holding federal government contracts are well advised to consider early engagement with the Government regarding the possible obligation to seek novation.

In fact, those contracts continue to be held by the same entity to whom the government awarded the original contract. Although the Supreme Court and courts and administrative tribunals across the country have recognized this exception, the FAR requires consent for a transfer of assets “incident to a merger or corporate consolidation.” FAR 42.1204(a)(2)(ii). For example, reverse triangle mergers have been treated as stock purchases, rather than assignments by operation of law, whereas forward triangle mergers are assignments by operation of law. Although a contracting officer cannot execute a novation agreement until after the transaction has closed, early engagement with the contracting officer about such a possibility will allow the parties to set reasonable expectations and possibly help identify and address any Government concerns.

Before funding any Federal government receivables, the funding company may require that you comply with the ‘Federal Assignment of Claims Act’ discussed below.

Always inspect the funding contract to see if there is any specific mention of government receivables or the Federal Assignment of Claims Act.

In fact, the FAR expressly states that novation is not required “when there is a change in the ownership of a contractor as a result of a stock purchase, with no legal change in the contracting party, and when that contracting party remains in control of the assets and is the party performing the contract.” FAR 42.1204(b).

Considering the purposes of the Anti-Assignment Acts, the exception from the novation requirement for stock deals is also fitting. Considering the complex case law concerning assignments by operation of law and the express requirements of the FAR, the possible need for novation should be given consideration in the planning of a deal structure that involves a merger or consolidation.


Comments Federal Assignment Of Claims Act

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