45 CFR 1623.2 – Definitions
Current as of: 2024 | Check for updates
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For the purposes of this part the definitions in 45 CFR part 1606 shall apply and also:
Terms Used In 45 CFR 1623.2
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
Suspension means an action taken during the term of the recipient’s current year’s grant or contract with the Corporation that withholds financial assistance to a recipient, in whole or in part, until the end of the suspension period pending prompt corrective action by the recipient or a decision by the Corporation to initiate termination proceedings.