Connecticut § 32-505 International trade representatives.

Connecticut Statutes

§ 32-505 — International trade representatives.

Connecticut·Title 32 Commerce and Economic and Community Development·Ch. 588v International Trade

(a)The Commissioner of Economic and Community Development may retain trade representatives in foreign countries to assist Connecticut businesses in finding (1) export customers, agents and distributors and (2) foreign companies to invest in Connecticut.

(b)The commissioner shall, within available resources, establish an international trade representative program to assist Connecticut businesses in exporting their products to foreign markets. On or before October 1, 1994, the commissioner shall establish a registration process for businesses interested in participating in the program. Such process shall include, but not be limited to, a requirement that the business agree to pay, over a three-year period beginning on the date of execution of a contract for an export sale, a success fee of

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(a) The Commissioner of Economic and Community Development may retain trade representatives in foreign countries to assist Connecticut businesses in finding (1) export customers, agents and distributors and (2) foreign companies to invest in Connecticut. (b) The commissioner shall, within available resources, establish an international trade representative program to assist Connecticut businesses in exporting their products to foreign markets. On or before October 1, 1994, the commissioner shall establish a registration process for businesses interested in participating in the program. Such process shall include, but not be limited to, a requirement that the business agree to pay, over a three-year period beginning on the date of execution of a contract for an export sale, a success fee of not more than three per cent of the price of the products being sold under such transaction, excluding freight, handling and insurance charges. The department shall deposit such fees in the account established by section 32-504 . (c) The commissioner shall keep a separate accounting of all fees paid from such program and use such accounting as a measurement of export sales achieved through the program. The commissioner may utilize the services of an impartial third party to monitor the sales of program participants.

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Legislative History

(P.A. 93-140, S. 1, 3; P.A. 94-237, S. 6, 14; P.A. 95-250, S. 1; P.A. 96-211, S. 1, 5, 6.) History: P.A. 93-140 effective July 1, 1993; P.A. 94-237 designated existing provisions as Subsec. (a) and added Subsecs. (b) and (c) re establishment of international trade representative program, effective July 1, 1994; P.A. 95-250 and P.A. 96-211 replaced Commissioner and Department of Economic Development with Commissioner and Department of Economic and Community Development.