Legal validity of Guarantees Issued by the Fund
Within the national innovation ecosystem, Research and Technology Funds are non-governmental institutions established alongside Science and Technology Parks, innovation centers, universities, and other research institutions to promote private-sector participation and investment and to finance research, scientific, and technological activities, as well as startups, creative enterprises, and knowledge-based companies.
Knowledge-Based Production Leap Law (Enacted in 2022)
Under Article 4 of the Knowledge-Based Production Leap Law (2022), in addition to supporting knowledge-based companies and institutions and promoting the knowledge-based economy, Research and Technology Funds were added to Clause (h) of the Customs Affairs Law immediately after the term “bank guarantees.” Furthermore, under Clause (b) of the same Article, executive agencies, banks, non-bank credit institutions, and companies and entities affiliated with public non-governmental institutions, revolutionary bodies, and the Armed Forces of the Islamic Republic of Iran are authorized to accept, as valid guarantees, those issued by the Innovation and Prosperity Fund and by non-governmental Research and Technology Funds subject to Article 44 of the Law on Removing Barriers to Competitive Production and Enhancing the Financial System of the Country (enacted May 1, 2015), in relation to: Credit guarantees Tender and procurement processes Purchase of goods and machinery Contracting and project agreements Performance obligations Advance payments Performance bonds