13 C.F.R. § 115.69 Imminent Breach.
Title 13 - Business Credit and Assistance
(a) No prior approval requirement. SBA will reimburse a PSB Surety for the guaranteed portion of payments the Surety makes to avoid or attempt to avoid an Imminent Breach of the terms of a Contract covered by an SBA guaranteed bond. The PSB Surety does not need SBA approval to make Imminent Breach payments. (b) Amount of reimbursement. The aggregate of the payments by SBA under this section cannot exceed 10% of the Contract amount, unless the Administrator finds that a greater payment (not to exceed the guaranteed portion of the bond penalty) is necessary and reasonable. In no event will SBA make any duplicate payment under any provision of these regulations in this part. (c) Recordkeeping requirement. The PSB Surety must keep records of payments made to avoid Imminent Breach.
Title 13: Business Credit and Assistance
PART 115—SURETY BOND GUARANTEE
Subpart C—Preferred Surety Bond (PSB) Guarantees
§ 115.69 Imminent Breach.
