H.R. 2018 · 110th Congress

Disaster Surety Bond Enhancement Act of 2007

Stage
In committee
Introduced
2007-04-24
Latest action
2007-04-24 · Introduced in House

Summary

Disaster Surety Bond Enhancement Act of 2007 - Permits the Administrator of the Small Business Administration (SBA), for any federal procurement related to a major disaster, to prescribe, guarantee, and enter into commitments to guarantee any surety against loss resulting from the breach of a bond by a principal on any total work order or contract amount that does not exceed $5 million at the time of bond execution. Allows the Administrator to increase such maximum amount to $10 million upon request of the head of any federal agency other than the SBA.

Makes this Act retroactive to any major disaster relating to Hurricanes Katrina, Rita, or Wilma.