13 CFR 115.69 - Imminent Breach.

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There is 1 rule appearing in the Federal Register for 13 CFR 115. View below or at eCFR (GPOAccess)
§ 115.69 Imminent Breach.
(a) No prior approval requirement. SBA will reimburse a PSB Surety for the guaranteed portion of payments the Surety makes to avoid or attempt to avoid an Imminent Breach of the terms of a Contract covered by an SBA guaranteed bond. The PSB Surety does not need SBA approval to make Imminent Breach payments.
(b) Amount of reimbursement. The aggregate of the payments by SBA under this section cannot exceed 10% of the Contract amount, unless the Administrator finds that a greater payment (not to exceed the guaranteed portion of the bond penalty) is necessary and reasonable. In no event will SBA make any duplicate payment under any provision of these regulations in this part.
(c) Recordkeeping requirement. The PSB Surety must keep records of payments made to avoid Imminent Breach.

Title 13 published on 2014-01-01

The following are only the Rules published in the Federal Register after the published date of Title 13.

For a complete list of all Rules, Proposed Rules, and Notices view the Rulemaking tab.

  • 2014-01-13; vol. 79 # 8 - Monday, January 13, 2014
    1. 79 FR 2084 - Surety Bond Guarantee Program
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Final rule.
      This rule is effective February 12, 2014.
      13 CFR Part 115

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United States Code
Statutes at Large
Public Laws

Title 13 published on 2014-01-01

The following are ALL rules, proposed rules, and notices (chronologically) published in the Federal Register relating to 13 CFR 115 after this date.

  • 2014-01-13; vol. 79 # 8 - Monday, January 13, 2014
    1. 79 FR 2084 - Surety Bond Guarantee Program
      GPO FDSys XML | Text
      SMALL BUSINESS ADMINISTRATION
      Final rule.
      This rule is effective February 12, 2014.
      13 CFR Part 115