§ 694a. Definitions
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/usc/title-15/section-694aA research copy — for the controlling text, always check the official state or federal source. Not legal advice.
As used in this part—
(1)The term “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.
(4)The term “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 the terms of a performance bond, undertakes to incur the cost of fulfilling the terms of a contract in the event the principal breaches the conditions of the contract,
(C)under the terms of a payment bond, undertakes to make payment to all persons supplying labor and material in the prosecution of the work provided for in the contract if the principal fails to make prompt payment, or
(D)is an agent, independent agent, underwriter, or any other company or individual empowered to act on behalf of such person.
(5)The term “obligee” means
(A)in the case of a bid bond, the person requesting bids for the performance of a contract, or
(B)in the case of a payment bond or performance bond, the person who has contracted with a principal for the completion of the contract and to whom the obligation of the surety runs in the event of a breach by the principal of the conditions of a payment bond or performance bond.
(6)The term “principal” means
(A)in the case of a bid bond, a person bidding for the award of a contract, or
(B)the person primarily liable to complete a contract for the obligee, or to make payments to other persons in respect of such contract, and for whose performance of his obligation the surety is bound under the terms of a payment or performance bond. A principal may be a prime contractor or a subcontractor.
(7)The term “prime contractor” means the person with whom the obligee has contracted to perform the contract.
(8)The term “subcontractor” means a person who has contracted with a prime contractor or with another subcontractor to perform a contract.
(9)Notwithstanding any other provision of law or any rule, regulation, or order of the Administration, for purpose of sections 694a, 694b, and 694c of this title the term “small business concern” means a business concern that meets the size standard for the primary industry in which such business concern, and the affiliates of such business concern, is engaged, as determined by the Administrator in accordance with the North American Industry Classification System.
(Pub. L. 85–699, title IV, § 410, as added Pub. L. 91–609, title IX, § 911(a)(4), Dec. 31, 1970, 84 Stat. 1812; amended Pub. L. 95–507, title I, § 110, Oct. 24, 1978, 92 Stat. 1758; Pub. L. 111–5, div. A, title V, § 508(c), Feb. 17, 2009, 123 Stat. 158; Pub. L. 112–239, div. A, title XVI, § 1695(c), Jan. 2, 2013, 126 Stat. 2090.)
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- Public Law 96–302To provide authorizations for the Small Business Administration, and for other purposes
- Public Law 99–272To provide for reconciliation pursuant to section 2 of the first concurrent resolution on the budget for fiscal year 1986 (S
- Public Law 111–5Making supplemental appropriations for job preservation and creation, infrastructure investment, energy efficiency and science, assistance to the unemployed, and State and local fiscal stabilization, for the fiscal year ending September 30, 2009, and for other purposes
- Public Law 112–239To authorize appropriations for fiscal year 2013 for military activities of the Department of Defense, for military construction, and for defense activities of the Department of Energy, to prescribe military personnel strengths for such fiscal year, and for other purposes
- Public Law 97–35To provide for reconciliation pursuant to section 301 of the first concurrent resolution on the budget for the fiscal year 1982
- Public Law 95–89To amend the Small Business Act and the Small Business Investment Act of 1958 to increase loan authorization and surety bond guarantee authority: and to improve the disaster assistance, certificate of competency and Small Business set-aside programs, and for other purposes
- Public Law 95–507To amend the Small Business Act and the Small Business Investment Act of 1958
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- Pub. L. 85–699, title IV, § 410
- Pub. L. 91–609, title IX, § 911(a)(4)
- 84 Stat. 1812
- Pub. L. 95–507, title I, § 110
- 92 Stat. 1758
- Pub. L. 111–5, div. A, title V, § 508(c)
- 123 Stat. 158
- Pub. L. 112–239, div. A, title XVI, § 1695(c)
- 126 Stat. 2090
- Pub. L. 112–239
- Pub. L. 111–5, § 508(c)
- Pub. L. 95–507
- Pub. L. 111–5, div. A, title V, § 508(f)
- 123 Stat. 159
- Section 911(b) of Pub. L. 91–609
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§ 694a
Definitions
Stat.×16
Fed. Reg.×12
U.S.C.×7
Bills×6
Stat. Comp.×2
C.F.R.×1
Pub. L.Pub. L. 85–699, title IV, § 410
Pub. L.Pub. L. 91–609, title IX, § 911(a)(4)
Stat.84 Stat. 1812
Pub. L.Pub. L. 95–507, title I, § 110
Stat.92 Stat. 1758
Cites 16 · showing 6Cited by 44 across 6 sources