South Carolina Code 11-57-320. Exception to contract prohibition on case-by-case basis
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Notwithstanding § 11-57-310, a person engaged in investment activities in Iran as described in § 11-57-300, may contract with the State if:
(1) the investment activities in Iran were made before January 1, 2015, the investment activities in Iran have not been expanded or renewed after the effective date of this act, and the person has adopted, publicized, and is implementing a formal plan to cease the investment activities in Iran and to refrain from engaging in any new investments in Iran; or
Terms Used In South Carolina Code 11-57-320
- Contract: A legal written agreement that becomes binding when signed.
- Investment: means a commitment or contribution of funds or property, whatever the source, a loan or other extension of credit, and the entry into or renewal of a contract for goods or services. See South Carolina Code 11-57-30
- Iran: includes the Government of Iran and any agency or instrumentality of Iran. See South Carolina Code 11-57-30
- Person: means any of the following:
(a) a natural person, corporation, company, limited liability company, business association, partnership, society, trust, or any other nongovernmental entity, organization, or group;
(b) any governmental entity or instrumentality of a government, including a multilateral development institution, as defined in Section 1701(c)(3) of the International Financial Institutions Act (22 U. See South Carolina Code 11-57-30 - State agency: means each state board, commission, department, executive department or officer, institution, and instrumentality. See South Carolina Code 11-57-30
(2) the state agency makes a determination that the commodities or services are necessary to perform its functions and that, absent such an exemption, the state agency would be unable to obtain the commodities or services for which the contract is offered. Such determination shall be entered into the procurement record.