[Code of Federal Regulations]
[Title 31, Volume 2]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 31CFR535.421]

[Page 662]
 
                  TITLE 31--MONEY AND FINANCE: TREASURY
 
 CHAPTER V--OFFICE OF FOREIGN ASSETS CONTROL, DEPARTMENT OF THE TREASURY
 
PART 535_IRANIAN ASSETS CONTROL REGULATIONS--Table of Contents
 
                        Subpart D_Interpretations
 
Sec. 535.421  Prior contractual commitments not a basis for licensing.

    Specific licenses are not issued on the basis that an unlicensed 
firm commitment or payment has been made in connection with a 
transaction prohibited by this part. Contractual commitments to engage 
in transactions subject to the prohibitions of this part should not be 
made, unless the contract specifically states that the transaction is 
authorized by general license or that it is subject to the issuance of a 
specific license.

[45 FR 24433, Apr. 9, 1980]

[[Page 663]]