Code of Maryland Regulations › Title 24 - DEPARTMENT OF COMMERCE › Subtitle 05 - ECONOMIC DEVELOPMENT › Chapter 24.05.14 - Maryland Export Credit Program › Section 24.05.14.03 - Definitions

Current through Register Vol. 51, No. 14, July 12, 2024
A. In this chapter, the following terms have the meanings indicated.
B. Terms Defined.
(1) "Act" means State Finance and Procurement Article, §
										10-305, Annotated Code of Maryland.
(2) "Applicant" means a business enterprise applying for assignment of offset credits from the Program.
(3) "Application" means an application for assignment of offset credits submitted to the Program by an applicant.
(4) "Assignment of offset credits" means that a business enterprise that receives offset credits pursuant to this chapter receives the right to negotiate with the foreign offset authority the acceptability of the transfer of the offset credits from the State to the business enterprise.
(5) "Board" means the Board of Public Works.
(6) "Business enterprise" means a business entity that:
(a) Maintains or intends to locate its principal place of business in the State;
(b) Is in good standing; and
(c) Is qualified to do business in the State.
(7) "Department" means the Department of Business and Economic Development.
(8) "Director" means the Director of the Program, as designated by the Secretary.
(9) "Foreign" means non-United States.
(10) "Foreign contract" means a contract or proposed contract for which a business enterprise intends to bid, pursuant to which a business enterprise sells goods or services to a foreign purchaser in a foreign jurisdiction that requires offsets as a condition to international trade.
(11) "Foreign offset authority" means the organizational unit within a foreign jurisdiction charged with administration of the jurisdiction's offset credit requirements.
(12) "Offset" means the international trade practice by which a purchaser in a foreign jurisdiction of goods or services from a United States contractor may require, among other things, that a specified monetary amount of unrelated goods or services be purchased from domestic sources of that foreign jurisdiction.
(13) "Offset credits" means those credits accrued by the State in any manner, including:
(a) Through direct procurement by the State of goods or services from:
(i) Foreign suppliers operating from jurisdictions that impose offset requirements as a condition to international trade,
(ii) United States manufacturers incorporating into their finished products components made in foreign jurisdictions that impose offset requirements, or
(iii) United States distributors of those final products or the goods or services of foreign suppliers; and
(b) Through indirect procurement by the State of the types of products, goods, or services described in §B(13)(a) of this regulation in the course of performance of contracts, especially construction contracts, between the State and contractors.
(14) "Program" means the organizational unit within the Department that administers the assignment of offset credits on behalf of the State.
(15) "Qualified applicant" means an applicant that submitted an application initially classified by the Director as reasonably susceptible of being selected for award.
(16) "Secretary" means the Secretary of Business and Economic Development, or the Secretary's designee.