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 Tennessee Code 12-12-103
Iran: includes the government of Iran and any agency or instrumentality of Iran. See Tennessee Code 12-12-103
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. See Tennessee Code 12-12-103
State: when applied to the different parts of the United States, includes the District of Columbia and the several territories of the United States. See Tennessee Code 1-3-105
written: includes printing, typewriting, engraving, lithography, and any other mode of representing words and letters. See Tennessee Code 1-3-105
(1) No more than one hundred twenty (120) days after July 1, 2016, the state chief procurement officer shall publish, using credible information freely available to the public, a list of persons it determines engage in investment activities in Iran, as described in § 12-12-105. The list, when completed, shall be posted on the state’s website.(2) The chief procurement officer shall update the list every one hundred eighty (180) days, using credible, freely available, public information regarding the persons or entities described in subdivision (a)(1).(3) Before finalizing an initial list or an updated list, as reasonably practicable, the chief procurement officer shall do all of the following before a person is included on the list:
(A) Provide ninety (90) days’ written notice of the chief procurement officer’s intent to include the person on the list, if the state is reasonably able to provide the written notice by electronic communication or through the U.S. postal service. The notice shall inform the person that inclusion on the list would make the person ineligible to contract with the state. The notice shall specify that the person, if it ceases its engagement in investment activities in Iran, may be removed from the list;(B) The chief procurement officer shall provide a person with an informal opportunity to comment in writing that it is not engaged in investment activities in Iran. If the person demonstrates to the chief procurement officer that the person is not engaged in investment activities in Iran, the person shall not be included on the list. Nothing in this section requires a contested case hearing as set forth in the Uniform Administrative Procedures Act, compiled in title 4, chapter 5. A person contesting being placed on the list described in subsection (a) shall exhaust all administrative remedies provided in this section prior to the initiation of any judicial review of being placed on such list.(4) The chief procurement officer shall make every effort to avoid erroneously including a person on the list.(b) A person that is identified on a list created pursuant to subsection (a) as a person engaging in investment activities in Iran as described in § 12-12-105, is ineligible to contract with the state.(c) Any contract entered into with a person that is ineligible to contract with the state shall be terminated by the state.
