In general
Except as provided in subsection (b), and notwithstanding any other provision of law, for any procurement related to a major disaster, the Administrator may, upon such terms and conditions as the Administrator may prescribe, guarantee and enter into commitments to guarantee any surety against loss resulting from a breach of the terms of a bid bond, payment bond, performance bond, or bonds ancillary thereto, by a principal on any total work order or contract amount at the time of bond execution that does not exceed $5,000,000.
Increase of amount
Upon request of the head of any Federal agency other than the Administration involved in reconstruction efforts in response to a major disaster, the Administrator may guarantee and enter into a commitment to guarantee any security against loss under subsection (a) on any total work order or contract amount at the time of bond execution that does not exceed $10,000,000.
Limitation on use of other funds
The Administrator may carry out this section only with amounts appropriated in advance specifically to carry out this section.
Pub. L. 110–234, title XII, § 12079122 Stat. 1416Pub. L. 110–246, § 4(a)122 Stat. 1664(, , ; , title XII, § 12079, , , 2178.)
Editorial Notes
Codification
Pub. L. 110–234Pub. L. 110–246Pub. L. 110–234section 4(a) of Pub. L. 110–246 and enacted identical sections. was repealed by .
Section was enacted as part of the Food, Conservation, and Energy Act of 2008, and also as part of the Small Business Disaster Response and Loan Improvements Act of 2008, and not as part of the Small Business Act which comprises this chapter.
Statutory Notes and Related Subsidiaries
Effective Date
Pub. L. 110–234Pub. L. 110–246Pub. L. 110–234section 4 of Pub. L. 110–246section 8701 of Title 7Enactment of this section and repeal of by effective , the date of enactment of , see , set out as a note under , Agriculture.