Claims for reimbursement of Losses.

CFR · 2024-01-01 · US · Title 13

(a) (i) Legal action under the bond has been initiated. (ii) The Obligee has declared the Principal to be in default under the Contract. (iii) The Surety has established a claim reserve for the bond. (iv) The Surety has received any adverse information concerning the Principal's financial condition or possible inability to complete the project or to pay laborers or suppliers. (2) (b) (c) (2) The Surety must also submit evidence of the disposal of all collateral at fair market value. (3) SBA may request additional information prior to reimbursing the Surety for its Loss. (4) Subject to the offset provisions of part 140, SBA pays its share of the Loss incurred and paid by the Surety within 45 days of receipt of the requisite information. (5) Claims for reimbursement and any additional information submitted are subject to review and audit by SBA, including but not limited to the Surety's compliance with SBA's regulations and forms. (d) (e)

official document · source cfr-2024 · id 13:§ 115.35