15 U.S.C. § 636i — Small business bonding threshold
submitted 18 years ago by Pub. L. 110-234 to r/title-15-COMMERCE-AND-TRADE · 179 words · no verdicts yet
For procurement related to a major disaster, the Administrator may guarantee certain surety bonds for work orders or contracts up to $5 million. On request from another Federal agency involved in reconstruction, the limit may be $10 million, using only amounts specifically appropriated for this section.
(a) General rule. Unless subsection (b) applies, and despite another law, for procurement related to a major disaster* the Administrator* may, on terms and conditions the Administrator sets, guarantee or commit to guarantee a surety against loss from a principal’s breach of a bid bond, payment bond, performance bond, or related bond. At bond execution, the total work order or contract amount may not exceed $5,000,000.
(b) Increased amount. At the request of the head of another Federal agency involved in major-disaster* reconstruction, the Administrator may guarantee or commit to guarantee the protection described in subsection (a) for a total work order or contract amount up to $10,000,000 at bond execution.
(c) Other funds. The Administrator may carry out this section only with money specifically appropriated in advance for this section.
Except as provided in subsection (b), and notwithstanding any other provision of law, for any procurement related to a major disaster*, the Administrator* may, upon such terms and conditions as the Administrator may prescribe, guarantee and enter into commitments to guarantee any surety against loss resulting from a breach of the terms of a bid bond, payment bond, performance bond, or bonds ancillary thereto, by a principal on any total work order or contract amount at the time of bond execution that does not exceed $5,000,000.
Upon request of the head of any Federal agency other than the Administration* involved in reconstruction efforts in response to a major disaster*, the Administrator may guarantee and enter into a commitment to guarantee any security against loss under subsection (a) on any total work order or contract amount at the time of bond execution that does not exceed $10,000,000.
The Administrator may carry out this section only with amounts appropriated in advance specifically to carry out this section.
Source credit: (Pub. L. 110–234, title XII, § 12079, May 22, 2008, 122 Stat. 1416; Pub. L. 110–246, § 4(a), title XII, § 12079, June 18, 2008, 122 Stat. 1664, 2178.)
- 2008Enacted · Pub. L. 110-234 · 122 Stat. 1416
- 2008Amended · Pub. L. 110-246 · 122 Stat. 1664, 2178
A history note hasn’t been published yet. The record shows enactment by Pub. L. 110-234 on 2008-05-22.
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