|§ 694b||Surety bond guarantees|
|§ 694c||Revolving fund for surety bond guarantees|
Terms Used In U.S. Code > Title 15 > Chapter 14B > Subchapter IV-A > Part B - Surety Bond Guarantees
- Administration: means the Small Business Administration. See 15 USC 662
- Administrator: means the Administrator of the Small Business Administration. See 15 USC 662
- Administrator: means the Administrator of the Environmental Protection Agency. See 15 USC 2602
- Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
- 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. See 15 USC 694a
- Contract: A legal written agreement that becomes binding when signed.
- county: includes a parish, or any other equivalent subdivision of a State or Territory of the United States. See 1 USC 2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Fraud: Intentional deception resulting in injury to another.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- individual: shall include every infant member of the species homo sapiens who is born alive at any stage of development. See 1 USC 8
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- 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. See 15 USC 694a
- officer: includes any person authorized by law to perform the duties of the office. See 1 USC 1
- payment bond: means a bond conditioned upon the payment by the principal of money to persons under contract with him. See 15 USC 694a
- performance bond: means a bond conditioned upon the completion by the principal of a contract in accordance with its terms. See 15 USC 694a
- prime contractor: means the person with whom the obligee has contracted to perform the contract. See 15 USC 694a
- 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. See 15 USC 694a
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- 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. See 15 USC 694a
- State: means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, the Virgin Islands, Guam, the Canal Zone, American Samoa, the Northern Mariana Islands, or any other territory or possession of the United States. See 15 USC 2602
- subcontractor: means a person who has contracted with a prime contractor or with another subcontractor to perform a contract. See 15 USC 694a
- 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. See 15 USC 694a
- vessel: includes every description of watercraft or other artificial contrivance used, or capable of being used, as a means of transportation on water. See 1 USC 3
- writing: includes printing and typewriting and reproductions of visual symbols by photographing, multigraphing, mimeographing, manifolding, or otherwise. See 1 USC 1