Surety bonding line.

CFR · 2024-01-01 · US · Title 13

A surety bonding line is a written commitment by SBA to a Prior Approval Surety which provides for the Surety's Execution of multiple bonds for a specified small business strictly within pre-approved terms, conditions and limitations. In applying for a bonding line, the Surety must provide SBA with information on the applicant as requested. In addition to the other limitations and provisions set forth in this part 115, the following conditions apply to each surety bonding line: (a) (b) (1) The term of the bonding line, not to exceed 1 year subject to renewal in writing; (2) The total dollar amount of the Principal's bonded and unbonded work on hand at any time, including outstanding bids, during the term of the bonding line; (3) The number of such bonded and unbonded contracts outstanding at any time during the term of the bonding line; (4) The maximum dollar amount of any single guaranteed bonded Contract; (5) The timing of Execution of bonds under the bonding line—bonds must be dated and Executed before the work on the underlying Contract has begun, or the Surety must submit to SBA the documentation required under § 115.19(f)(1)(ii); and (6) Any other limitation related to type, specialty of work, geographical area, or credit. (c) (d) (2) (3) (e) (2) (3)

official document · source cfr-2024 · id 13:§ 115.33