Definitions.

CFR · 2024-01-01 · US · Title 13

(1) $6.5 million (as adjusted for inflation in accordance with 41 U.S.C. 1908); (2) $10 million if a contracting officer of a Federal agency certifies, in accordance with section 115.12(e)(3), that such guarantee is necessary; or (3) if SBA is guaranteeing the bond in connection with a procurement related to a major disaster pursuant to section 12079 of Pub. L. 110-246, see section 115.12(e)(4). (1) Must not prohibit a Surety from performing the Contract upon default of the Principal; (2) Does not include a permit, subdivision contract, lease, land contract, evidence of debt, financial guarantee ( (3) May include a maintenance agreement under the following circumstances: (i) The maintenance agreement is ancillary to a Contract for which SBA is guaranteeing a bond, is performed by the same Principal, is for a period of 2 years or less, and only covers defective workmanship or materials that are not (ii) The maintenance agreement is stand-alone and is entered into in connection with a Contract for which a bond was not required and only covers defective workmanship or materials that are not covered by a manufacturer's warranty. The agreement must cover a period of 3 years or less that begins immediately after the Contract is complete and must be executed prior to the completion of the Contract. It must also be entered into with the same Principal that completed the Contract. With SBA's prior written approval, the agreement may cover a period longer than 3 years if a longer perio

official document · source cfr-2024 · id 13:§ 115.10