Section 3 definition

Section 3 means Section 3 of the Housing and Urban Development Act of 1968.

Section 3. Clause. Compliance with the provisions of Section 3 of the HUD Act of 1968, as amended, and as implemented by the regulations set forth in 24 C.F.R. 135, and all applicable rules and orders issued hereunder prior to the execution of any contract, shall be a condition of the Federal financial assistance provided under this contract and binding upon Contractor, and any of its subcontractors. Failure to fulfill these requirements shall subject Contractor and subcontractors, their successors and assigns, to those sanctions specified by the contract through which Federal assistance is provided. Contractor certifies and agrees that no contractual or other disability exists that would prevent compliance with these requirements. Contractor further agrees to comply with these “Section 3” requirements and to include the following language in all subcontracts executed under a contract resulting from this RFP: “The work to be performed under this Agreement is a project assisted under a program providing direct Federal financial assistance from HUD and is subject to the requirements of Section 3 of the Housing and Urban Development Act of 1968, as amended (12 U.S.C. 1701). Section 3 requires that to the greatest extent feasible opportunities for training and employment be given to low-and very low-income residents of the project area, and that contracts for work in connection with the project be awarded to business concerns that provide economic opportunities for low- and very low-income persons residing in the metropolitan area in which the project is located.”

Section 3 of the Basic Provisions in its entirety and substitute the following: "One or more Global Securities (as defined in the Indenture specified in the Underwriting Agreement) for the Designated Securities in the aggregate principal amount of the Designated Securities shall be registered in the name of Cede & Co. and delivered to The Depository Trust Company with instructions to credit the Designated Securities to the account of, or as otherwise instructed by, the Representative against payment by the Representative of the purchase price therefor in the amount, the funds and manner specified in the Underwriting Agreement, at the place, time and date specified in the Underwriting Agreement or at such other place, time and date as the Representative and the Company may agree in writing, said time and date being herein referred to as the "Time of Delivery" for said Designated Securities.

Examples of Section 3 in a sentence

• The bidder, if an individual as opposed to a corporation, partnership or other form of business organization, certifies that the bidder is not in default on an educational loan as provided in Section 3 of the Act.

• The notice shall describe the Section 3 preference, shall set forth minimum number and job titles subject to hire, availability of apprenticeship and training positions, the qualifications for each; and the name and location of the person(s) taking applications for each of the positions; and the anticipated date the work shall begin.

• If the Principal has disqualified the Bidder(s) from the tender process prior to the award according to Section 3, the Principal is entitled to demand and recover the damages equivalent to Earnest Money Deposit/ Bid Security.

• The Procuring Entity shall award the Contract to the successful tenderer whose tender has been determined to be the Lowest Evaluated Tender in accordance with procedures in Section 3: Evaluation and Qualification Criteria.

• The purpose of Section 3 is to ensure that employment and other economic opportunities generated by HUD assistance or HUD-assisted projects covered by Section 3, shall, to the greatest extent feasible, be directed to low- and very low-income persons, particularly persons who are recipients of HUD assistance for housing.

More Definitions of Section 3

Section 3. Compliance in the Provision of Training, Employment, and Business Opportunities

Section 3 means Section 3 of the Housing and Urban Development Act of 1968, Pub. L. 90-448, 82 Stat. 476 (August 1, 1968), as amended.

Section 3. The term "days" as used herein shall mean Monday through Friday excluding holidays and weekends.

Section 3. The following procedure shall apply to the administration of all grievances filed under this procedure:

Section 3. Compliance in the Provision of Training, Employment and Business Opportunities The work to be performed under this contract is subject to the requirements of Section 3 of the Housing and Urban Development Act of 1968, as amended (12 USC §1701u)(Section 3).

Section 3. A reference to employee shall mean any member of the bargaining unit.

Section 3. 04 Proper Drawing; Letter of Credit Issuing Bank's Honoring..28 Section 3.05 Standby Letters of Credit.................................29 Section 3.06 Amendment; Change; Modification; No Waiver................29 Section 3.07 U.C.P. and I.S.P.; Agreements and Acknowledgments; Indemnification.......................................................29 Section 3.08 Licenses; Insurance; Regulations..........................31 Section 3.09