(a)        A company that is identified on a list created by the State Treasurer pursuant to N.C. Gen. Stat. § 147-86.58 as a company engaging in investment activities in Iran is ineligible to contract with the State or any political subdivision of the State.

(b)        Any contract entered into with a company that is ineligible to contract with the State or any political subdivision of the State is void ab initio.

(c)        Existing contracts with companies made ineligible to contract with the State or any political subdivision of the State under this Article shall be allowed to expire in accordance with the terms of the contract. ?(2015-118, s. 1; 2017-193, s. 3.5.)

Terms Used In North Carolina General Statutes 147-86.60

  • Company: means any sole proprietorship, organization, association, corporation, partnership, joint venture, limited partnership, limited liability partnership, limited liability company, or other entity or business association, including all wholly owned subsidiaries, majority-owned subsidiaries, parent companies, or affiliates of those entities or business associations. See North Carolina General Statutes 147-86.57
  • 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 North Carolina General Statutes 147-86.57
  • Iran: includes the Government of Iran and any agency or instrumentality of Iran. See North Carolina General Statutes 147-86.57
  • state: when applied to the different parts of the United States, shall be construed to extend to and include the District of Columbia and the several territories, so called; and the words "United States" shall be construed to include the said district and territories and all dependencies. See North Carolina General Statutes 12-3