Denial of liability.

CFR · 2024-01-01 · US · Title 13

In addition to equitable and legal defenses and remedies under contract law, the Act, and the regulations in this Part, SBA is relieved of liability in whole or in part within its discretion if any of the circumstances in paragraphs (a) through (h) of this section exist, except that SBA shall not deny liability on Prior Approval bonds based solely upon material information that was provided to SBA as part of the Surety's guarantee application. (a) (b) (c) (1) Such breach (or such breaches in the aggregate) causes an increase in the Contract amount or in the bond amount of at least 25% or $500,000 of the original contract or bond amount, whichever is less; or (2) One of the conditions under Part B of Title IV of the Investment Act is not met. (d) (e) (1) Naming as an Obligee or co-Obligee any Person that does not qualify as an Obligee under § 115.10; or (2) In the case of a Prior Approval Surety, acquiescing in any alteration (f) (i) The bond was Executed prior to the date of SBA's guarantee; or (ii) The bond was Executed (or approved, if the Surety is legally bound by such approval) after the work under the Contract had begun, unless SBA executes a “Surety Bond Guarantee Agreement Addendum” (SBA Form 991) after receiving all of the following from the Surety: (A) Satisfactory evidence, including a certified copy of the Contract (or a sworn affidavit from the Principal), showing that the bond requirement was contained in the original Contract, or other documentation satisfactor

official document · source cfr-2024 · id 13:§ 115.19