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Code · CFR · Title 12 — Banks and Banking · Part 367 — Suspension and Exclusion of Contractor and Termination of Contracts · § 367.7

§ 367.7. Suspensions.

209 words·~1 min read·/us/cfr/t12/s§ 367.7·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The Ethics Counselor may suspend a contractor for any of the causes in § 367.8 using the procedures established in this section.
(b)Suspension is an action to be imposed when there exists adequate evidence of one or more of the causes set out in § 367.8. This includes, but is not limited to, situations where immediate action is necessary to protect the integrity of the FDIC contracting program and/or the security of FDIC assets during the pendency of legal or investigative proceedings initiated by FDIC, any federal agency or any law enforcement authority.
(c)The duration of any suspension action shall be for a temporary period pending the completion of an investigation and such other legal proceedings as may ensue.
(d)A suspension shall become effective immediately upon issuance of the notice specified in § 367.13(b).
(e)Contractors suspended from FDIC contracting programs are prohibited from entering into any new contracts with the FDIC for the duration of the period of suspension. The FDIC shall not solicit offers from, award contracts to, extend or modify existing contracts, award task orders under existing contracts, or consent to subcontracts with such contractors. Suspended contractors are also prohibited from conducting business with FDIC as agents or representatives of other contractors.
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