Utah Code 63G-6a-117. Sale of previously purchased procurement item — Limitations
Current as of: 2024 | Check for updates
|
Other versions
(1) As used in this section:
Terms Used In Utah Code 63G-6a-117
- Person: means :(24)(a) an individual;(24)(b) an association;(24)(c) an institution;(24)(d) a corporation;(24)(e) a company;(24)(f) a trust;(24)(g) a limited liability company;(24)(h) a partnership;(24)(i) a political subdivision;(24)(j) a government office, department, division, bureau, or other body of government; and(24)(k) any other organization or entity. See Utah Code 68-3-12.5
- Procurement: means the acquisition of a procurement item through an expenditure of public funds, or an agreement to expend public funds, including an acquisition through a public-private partnership. See Utah Code 63G-6a-103
- Procurement item: means an item of personal property, a technology, a service, or a construction project. See Utah Code 63G-6a-103
(1)(a) “Buyback purchaser” means a person who buys a procurement item from the procurement unit to which the person previously sold the procurement item.(1)(b) “Excess repurchase amount” means the difference between:(1)(b)(i) the amount a buyback purchaser pays to a procurement unit to purchase a procurement item that the buyback purchaser previously sold to the procurement unit; and(1)(b)(ii) the amount the procurement unit paid to the buyback purchaser to purchase the procurement item.
(2) A procurement unit that sells a procurement item to a buyback purchaser for an amount that exceeds the amount the procurement unit paid for the procurement item:
(2)(a) shall require the buyback purchaser to pay cash for the procurement item;
(2)(b) may not accept the excess repurchase amount in the form of a credit, discount, or other incentive on a future purchase that the procurement unit makes from the buyback purchaser; and
(2)(c) may not use the excess repurchase amount to acquire an additional procurement item from the person who paid the excess repurchase amount.