Accession Number:

AD1166440

Title:

Small Business Contracting: Surety Bond Waivers for Construction Contracts

Descriptive Note:

[Technical Report, Congressional Report]

Corporate Author:

GOVERNMENT ACCOUNTABILITY OFFICE WASHINGTON DC

Report Date:

2017-08-07

Pagination or Media Count:

8

Abstract:

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.

Subject Categories:

  • Administration and Management
  • Economics and Cost Analysis

Distribution Statement:

[A, Approved For Public Release]