This legislation, known as the BOLIVAR Act, aims to prevent United States executive agencies from contracting with entities that knowingly engage in significant business operations with any authority of the Government of Venezuela not recognized as legitimate by the U.S. The prohibition applies to contracts for the procurement of goods or services and is set to be in effect for a three-year period starting from the date of enactment. Several exceptions are provided to ensure critical operations can continue; these include contracts deemed necessary for providing humanitarian assistance , disaster relief , or noncombatant evacuations to the Venezuelan people. Contracts that serve the national security interests of the United States, support U.S. Government activities in Venezuela, or are with international organizations are also exempt. Furthermore, the prohibition does not apply to persons holding a valid Office of Foreign Assets Control (OFAC) license , or to contracts related to the operation and maintenance of U.S. diplomatic missions in Venezuela. The Secretary of State retains the authority to waive these requirements if determined to be in the national interest, with a notification requirement to appropriate congressional committees for certain exceptions.