13 CFR 115.69 - Imminent Breach.

§ 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 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. The PSB Surety does not need to obtain prior SBA approval to make Imminent Breach payments, except that the PSB Surety may request SBA to approve payments that exceed 10% of the Contract amount prior to the Surety making the payment. In no event will SBA make any duplicate payment under any provision of these regulations in this part.

(b)Recordkeeping requirement. The PSB Surety must keep records of payments made to avoid Imminent Breach.

[ 79 FR 2087, Jan. 13, 2014]

This is a list of United States Code sections, Statutes at Large, Public Laws, and Presidential Documents, which provide rulemaking authority for this CFR Part.

This list is taken from the Parallel Table of Authorities and Rules provided by GPO [Government Printing Office].

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United States Code
Statutes at Large
Public Laws

Title 13 published on 09-May-2018 03:49

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

  • 2017-08-21; vol. 82 # 160 - Monday, August 21, 2017
    1. 82 FR 39491 - Miscellaneous Amendments to Business Loan Programs and Surety Bond Guarantee Program
      GPO FDSys XML | Text
      Final rule.
      This rule is effective September 20, 2017, except for the amendment to § 120.1400(a), which is effective October 20, 2017.
      13 CFR Parts 109, 115, and 120
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