15 C.F.R. § 26.415   What must I do if a Federal agency excludes the participant or a principal after I enter into a covered transaction?


Title 15 - Commerce and Foreign Trade


Title 15: Commerce and Foreign Trade
PART 26—GOVERNMENTWIDE DEBARMENT AND SUSPENSION (NONPROCUREMENT)
Subpart D—Responsibilities of DoC Officials Regarding Transactions

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§ 26.415   What must I do if a Federal agency excludes the participant or a principal after I enter into a covered transaction?

(a) You as an agency official may continue covered transactions with an excluded person, or under which an excluded person is a principal, if the transactions were in existence when the person was excluded. You are not required to continue the transactions, however, and you may consider termination. You should make a decision about whether to terminate and the type of termination action, if any, only after a thorough review to ensure that the action is proper.

(b) You may not renew or extend covered transactions (other than no-cost time extensions) with any excluded person, or under which an excluded person is a principal, unless you obtain an exception under §26.120.

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