§ 553.31. How can I use a surety bond as OSFR evidence?
100 words·~1 min read·
/us/cfr/t30/s§ 553.31·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)Each bonding company that issues a surety bond that you submit to BOEM as OSFR evidence must:
(1)Be licensed to do business in the State in which the surety bond is executed;
(2)Be certified by the U.S. Treasury Department as an acceptable surety for Federal obligations and listed in the current Treasury Circular No. 570;
(3)Provide the surety bond on Form BOEM-1020; and
(4)Be in compliance with applicable statutes regulating surety company participation in insurance-type risks.
(b)A surety bond that you submit as OSFR evidence must include all the information required by § 553.41.