Connecticut § 15-31o Prohibition on payment of success fees.

Connecticut Statutes

§ 15-31o — Prohibition on payment of success fees.

Connecticut·Title 15 Navigation and Aeronautics·Ch. 264a Connecticut Port Authority

(a)As used in this section, “success fee” means a commission that is (1) paid by the Connecticut Port Authority to a person or business entity for such person's or business entity's role in facilitating the finalization of a transaction, (2) not paid if such transaction is not finalized, and (3) separate from any payment for services performed.

(b)No contract or other agreement entered into, amended or extended on or after July 1, 2023, by the Connecticut Port Authority which is financed in whole or in part by the state, including, but not limited to, matching expenditures, grants, loans, insurance or guarantees, may include a provision in such contract or other agreement for the payment of a success fee to any person or business entity.

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(a) As used in this section, “success fee” means a commission that is (1) paid by the Connecticut Port Authority to a person or business entity for such person's or business entity's role in facilitating the finalization of a transaction, (2) not paid if such transaction is not finalized, and (3) separate from any payment for services performed. (b) No contract or other agreement entered into, amended or extended on or after July 1, 2023, by the Connecticut Port Authority which is financed in whole or in part by the state, including, but not limited to, matching expenditures, grants, loans, insurance or guarantees, may include a provision in such contract or other agreement for the payment of a success fee to any person or business entity.

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