South Carolina Statutes
§ 11-35-5250 — Progress payments and letters of credit.
(1)Progress Payments. The chief procurement officers may make special provisions for progress payments and letters of credit, as deemed reasonable to assist minority businesses to carry out the terms of a state contract pursuant to regulations which may be promulgated by the board.
(2)Letter of Contract Award. When a minority business firm certified by the Department of Revenue receives a contract with the State, the appropriate chief procurement officer shall furnish a letter, upon request, stating the dollar value and duration of, and other information about the contract, which may be used by the minority firm in negotiating lines of credit with lending institutions.
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South Carolina § 11-35-5250 (Progress payments and letters of credit.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
HISTORY: 1981 Act No. 148, SECTION 1; 1993 Act No. 181, SECTION 97; 1997 Act No. 153, SECTION 1.
Nearby Sections
15
§ 11-35-10
Citation.§ 11-35-1010
Relationship with using agencies.§ 11-35-1020
Advisory groups.§ 11-35-1030
Procurement training and certification.§ 11-35-1210
Certification.§ 11-35-1230
Auditing and fiscal reporting.§ 11-35-1240
Administrative penalties.§ 11-35-1250
Authority to contract for auditing services.§ 11-35-1260
Authority to contract for legal services.§ 11-35-1410
Definitions of terms used in this article.§ 11-35-1510
Methods of source selection.§ 11-35-1520
Competitive sealed bidding.§ 11-35-1524
Resident vendor preference.§ 11-35-1525
Competitive fixed price bidding.