; and (ii) in a case in which the waiver or renewal will be issued, the date on which the 1-year waiver period starts; and (B) may only issue a waiver under this section to an institution if the Secretary determines, in consultation with the heads of each agency and department listed in section 117(e), that the contract for which the waiver is being requested is for the benefit of the institution’s mission and students and will promote the security, stability, and economic vitality of the United States. (3) Disclosure Not less than 2 weeks prior to issuing a waiver under paragraph (2), the Secretary shall notify— (A) the Committee on Education and the Workforce of the House of Representatives; and (B) the Committee on Health, Education, Labor, and Pensions of the Senate, of the intent to issue the waiver, including a justification for the waiver. (4) Application of waivers A waiver issued under this section to an institution with respect to a contract shall only— (A) waive the prohibition under subsection (a) for a 1-year period; and (B) apply to the terms and conditions of the proposed contract submitted as part of the request for such waiver. (c) Designation during contract term In the case of an institution that enters into a contract with a foreign source that is not a foreign country of concern or a foreign entity of concern but which, during the term of such contract, is designated as a foreign country of concern or foreign entity of concern, such institution shall terminate such contract not later than 60 days after the Secretary notifies the institution of such designation. (d) Contracts prior to date of enactment (1) In general In the case of an institution that has entered into a contract with a foreign country of concern or foreign entity of concern prior to the date of the enactment of the DETERRENT Act— (A) the institution shall immediately submit to the Secretary a waiver request in accordance with subsection (b)(1)(A)(ii)