(1) In order to assist a research alliance in achieving the objectives identified in § 15-3-305, the Arkansas Economic Development Commission may contract with a research alliance or any nonprofit organization recommended by a research alliance for activities consistent with the research alliance's purpose under § 15-3-305.
(2) When contracting with the research alliance or its designee under this subchapter, the commission may directly enter into agreements with persons or entities and shall not be bound by the provisions of Arkansas procurement law requiring competitive bids.