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S. 1335
STATUS INFORMATION
General Bill
Sponsors: Senator Elliott
Document Path: l:\s-resmin\drafting\de\003cont.tcm.de.docx
Introduced in the Senate on March 31, 2010
Currently residing in the Senate Committee on Judiciary
Summary: Contracts
HISTORY OF LEGISLATIVE ACTIONS
Date Body Action Description with journal page number
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3/31/2010 Senate Introduced and read first time SJ-5
3/31/2010 Senate Referred to Committee on Judiciary SJ-5
4/7/2010 Senate Referred to Subcommittee: Campbell (ch), Cleary,
Williams, Mulvaney, Nicholson
View the latest legislative information at the LPITS web site
VERSIONS OF THIS BILL
TO AMEND CHAPTER 2, TITLE 32 OF THE 1976 CODE, RELATING TO CONTRACTS AGAINST PUBLIC POLICY, BY ADDING SECTION 32-2-20 TO RENDER INEFFECTIVE CLAUSES IN CONTRACTS THAT ALLOW FOR ESCALATION OF THE AMOUNT OF CONSIDERATION PRICE, OR VALUE AGREED TO PURSUANT TO THE TERMS OF THE CONTRACT.
SECTION 1. Chapter 2, Title 32 of the 1976 Code is amended by adding:
"Section 32-2-20. Notwithstanding any other provision of law, no clause or provision of a contract that allows for escalation of the amount of consideration, price, or value agreed to pursuant to terms of the contract will be enforced in this State."
SECTION 2. This act takes effect upon approval by the Governor.
This web page was last updated on Monday, October 10, 2011 at 12:18 P.M.