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Small Business Contracting: Surety Bond Waivers for Construction Contracts
[Technical Report, Congressional Report]
GOVERNMENT ACCOUNTABILITY OFFICE WASHINGTON DC
Pagination or Media Count:
Surety bonds - which generally apply to construction contracts - are guarantees issued by providers, such as individuals or surety companies, to ensure that projects will be completed as required and that suppliers and subcontractors will be paid if a bonded prime contractor defaults. The House report accompanying the National Defense Authorization Act for Fiscal Year 2017 included a provision for us to report on the use of surety bonds in connection with federal contracts with small businesses. This report identifies 1 the requirements for obtaining surety bonds, 2 how often surety bonds are waived at selected agencies, and 3 the whistleblower process for reporting fraud related to surety bonds at selected agencies.
[A, Approved For Public Release]