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IRAN DIVESTMENT ACT CERTIFICATION Pursuant to New York State Finance Law 165a, Iran Divestment Act of 2012, the Office of General Services is required to post on its website http://www.ogs.ny.gov/about/regs/docs/ListofEntities.pdf

How to fill out iran divestment contract language

How to fill out Iran divestment contract language:

1. Start by understanding the purpose: The Iran divestment contract language is designed to ensure that parties involved in a contract are not engaging in business activities that support or benefit Iran's government or its nuclear program. It aims to comply with international sanctions and promote divestment from Iran.
2. Identify the relevant contract: Determine which contract requires the inclusion of Iran divestment language. This could be a sales contract, partnership agreement, or any other legal document involving business transactions.
3. Research the applicable laws and regulations: Familiarize yourself with the relevant laws and regulations concerning Iran divestment in your jurisdiction. Check if there are any specific requirements or restrictions that need to be considered in the contract language.
4. Understand the key provisions: Determine the specific provisions that need to be included in the contract. These typically involve representations and warranties from both parties confirming that they are not engaging in activities that support Iran's government or nuclear program.
5. Consult with legal professionals: It is advisable to seek advice from legal professionals who specialize in international trade and sanctions to ensure compliance with the law and proper drafting of the contract language.
6. Customize the language: Tailor the Iran divestment contract language to fit the specific contract and the parties involved. Make sure to clearly state the intent of both parties to comply with sanctions and divest from Iran.
7. Incorporate the language into the contract: Amend the contract by adding the Iran divestment language as a separate section or by integrating it into relevant clauses. Ensure that the language is clear, unambiguous, and properly references the applicable laws and regulations.
8. Seek approval and signatures: Once the language has been added to the contract, ensure that all parties are aware of and agree to the inclusion of the Iran divestment provisions. Seek their approval and obtain signatures, making the contract legally binding.
9. Regularly update and review: Given the evolving nature of international sanctions and political landscapes, it is important to periodically review and update the Iran divestment contract language to ensure continued compliance.

Who needs Iran divestment contract language?

1. Businesses engaging in international trade: Companies involved in global trade, especially those with operations or partnerships in countries subject to Iran sanctions, may need Iran divestment contract language to demonstrate compliance and avoid legal issues.
2. Government contractors and suppliers: Companies bidding for government contracts or involved in supplying goods or services to government agencies may be required to include Iran divestment contract language as part of their compliance with procurement regulations.
3. Financial institutions: Banks, investment firms, and other financial institutions may need Iran divestment contract language to mitigate the risk of unknowingly facilitating transactions that breach sanctions or support Iran's government.
4. Non-profit organizations and charities: Organizations seeking funding or partnerships with government entities or those operating in industries sensitive to sanctions, such as healthcare or education, may require Iran divestment contract language to ensure compliance and protect their reputation.
5. Individuals: In certain cases, individuals may also need to include Iran divestment contract language in agreements, such as employment contracts or loan agreements, to demonstrate their adherence to sanctions and divestment requirements.

For pdfFiller’s FAQs

What is iran divestment contract language?

The Iran divestment contract language refers to specific clauses or requirements included in a contract to ensure compliance with laws related to divestment from Iran.

Who is required to file iran divestment contract language?

Entities or individuals subject to laws or regulations requiring divestment from Iran may be required to include and file iran divestment contract language.

How to fill out iran divestment contract language?

Iran divestment contract language can be filled out by including clauses that outline compliance with laws related to divestment from Iran, such as not investing in restricted entities.

What is the purpose of iran divestment contract language?

The purpose of including iran divestment contract language in a contract is to ensure that the parties involved comply with legal obligations regarding divestment from Iran.

What information must be reported on iran divestment contract language?

Information reported on iran divestment contract language may include details of restricted entities, investments, and any measures taken to comply with divestment laws.

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