PUBLIC LAW 103-204—DEC. 17, 1993 107 STAT. 2377 "(i) REASONABLE GOALS. — The Corporation shall establish reasonable goals for contractors for services with the Corporation to subcontract with minority- and women-owned businesses and law firms. "(ii) PROCEDURES.— The Corporation may not enter into any contract for the provision of services to the Corporation, including leg£U services, under which the contractor would receive fees or other compensation in an amount equal to or greater than $500,000, unless the Corporation requires the contractor to subcontract with minority- or women-owned businesses, including law firms, and to pay fees or other compensation to such businesses in an amount commensurate with the percentage of services provided by the business. "(iii) EXCEPTIONS.— The Corporation may exclude > a contract from the requirements of clause (ii) if the Chief Executive Officer of the Corporation determines in writing that imposing such a subcontracting requirement would— "(I) substantially increase the cost of contract performance; or "(II) undermine the ability of the contractor to perform its obligations under the contract. "(B) LIMITED WAIVER AUTHORITY.— "(i) IN GENERAL.—The Corporation may grant a waiverfiromthe application of this paragraph to any contractor with respect to a contract described in subparagraph (A)(ii), if the contractor certifies to the Corporation that it has determined that no eligible minority- or women-owned business is available to enter into a subcontract (with respect to such contract) and provides an explanation of the basis for such determination. "(ii) WAIVER PROCEDURES. — Any determination to grant a waiver under clause (i) shall be made in writing by the Chief Executive Officer of the Corporation. "(C) REPORT.— Each quarterly report suomitted by the Corporation pursuant to subsection (k)(7) shall contain a description of each exception granted under subparagraph (A)(iii) and each waiver granted under subparagraph (B) duringthe quarter coveredf by the report. "(D) DEFINITIONS.—For purposes of this paragraph, the following definitions shall apply: "(i) MINORITY. —The term 'minority' has the same meaning as in section 1204(c)(3) oi the Financial Institutions Reform, Recovery, and Enforcement Act of 1989. "(ii) MINORITY- AND WOMEN-OWNED BUSINESS. — The terms 'minority-owned business' and Vomenowned business' have the same meanings as in subsection (r)(4). "(19) CONTRACTING PROCEDURES. — "(A) PROCEDURES.—In awarding any contract subject to the competitive bidding process, the Corporation shall apply competitive bidding procedures that are no less stringent than those in effect on the date of the enactment of the Resolution Trust Corporation Completion Act.