12 CFR 367.18
§ 367.18 Abrogation of contracts.
United States · 12 CFR — Banks and Banking · Status: effective
Cite this
- Citation
- 12 CFR 367.18, § 367.18 Abrogation of contracts, United States, version 1 as recorded 2026-07-09, yourstate.us, https://yourstate.us/provision/47103
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Full text
(a) The FDIC may, in its discretion, rescind or terminate any contract in existence at the time a contractor is suspended or excluded.
(b) Any contract not rescinded or terminated shall continue in force in accordance with the terms thereof.
(c) The right to rescind or terminate a contract in existence is cumulative and in addition to any other remedies or rights the FDIC may have under the terms of the contract, at law, or otherwise.
Legislative history
This is a federal regulation, adopted through agency rulemaking under the Administrative Procedure Act — not enacted by a recorded vote of Congress.