Oversight on SBA Set-aside, Lease Guaranty, and Surety Bond Programs: Hearings Before the Subcommittee on Small Business of the Committee on Banking, Housing, and Urban Affairs, United States Senate, Ninety-fourth Congress, Second Session, March 8 and 9, 1976

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Page 97 - States. (2) A payment bond with a surety or sureties satisfactory to such officer for the protection of all persons supplying labor and material in the prosecution of the work provided for in said contract for the use of each such person.
Page 98 - The Administration may also fix such uniform fees for the processing of applications for guarantees under this section as the Administrator determines are reasonable and necessary to pay the administrative expenses that are incurred in connection therewith.
Page 94 - ... (4) The Administration determines that there is a reasonable expectation that such person will perform the covenants and conditions of the contract with respect to which the bond is required. (5) The contract meets requirements established by the Administration for feasibility of successful completion and reasonableness of cost.
Page 11 - Mr. Chairman, this completes my prepared statement I would be pleased to respond to any questions you or other Members of the Subcommittee may have.
Page 111 - ... where there is a reasonable expectation that bids or proposals will be obtained from a sufficient number of responsible small business concerns so that awards will be made at reasonable prices.
Page 98 - ... processing of applications for guarantees under this section as it determines are reasonable and necessary to pay administrative expenses incurred in connection therewith. Any contract of guarantee under this section shall obligate the surety to pay the Administration such portions of the bond fee as the Administration determines to be reasonable in the light of the relative risks and costs involved.
Page 64 - Mr. Chairman and Members of the Committee: It .is a privilege for me to appear before your Committee to report on the state of the United States Army and discuss its budget for Fiscal Year 1989.
Page 96 - bid bond' means a bond conditioned upon the bidder on a contract entering into the contract, if he receives the award thereof, and furnishing the prescribed payment bond and performance bond. " (2) The term 'payment bond' means a bond conditioned upon the payment by the principal of money to persons under contract with him. "(3) The term 'performance bond' means a bond conditioned upon the completion by the principal of a contract in accordance with its terms.
Page 97 - Is required. (5) The contract meets requirements established by the Administration for feasibility of successful completion and reasonableness of cost. (6) The terms and conditions of any bond guaranteed under the authority of this part are reasonable in light of the risks Involved and the extent of the surety's participation. (b) Any contract of guarantee under this section shall obligate the Administration to pay to the surety a sum not to exceed 90 per centum of the loss incurred by the surety...
Page 97 - surety" means the person who (A) under the terms of a bid bond, undertakes to pay a sum of money to the obligee in the event the principal breaches the conditions of the bond, (B) under...

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