As used in North Dakota Century Code chapter 57-51, "arm's length contract" means a contract or agreement executed by a willing buyer and a willing seller, neither party being affiliated. For purposes of this definition, a contract or agreement between affiliated parties is any contract or agreement between a parent and a wholly or partially owned subsidiary, or between entities wholly or partially owned by a common parent, or between persons otherwise affiliated through ownership or economic relationships.

History: Effective June 1, 1992.

General Authority: NDCC 57-51-21, 57-51.1-05

Law Implemented: NDCC 57-51-01, 57-51-02.3