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15 U.S.C. § 694a — Definitions
Federal law — U.S. Code and appendices · legal_authorities
As used in this part—
(1) The term “bid bond” means a bond conditioned upon the bidder on a contract entering into the contract, if he receives the award thereof, and furnishing the prescribed payment bond and performance bond.
(2) The term “payment bond” means a bond conditioned upon the payment by the principal of money to persons under contract with him.
(3) The term “performance bond” means a bond conditioned upon the completion by the principal of a contract in accordance with its terms.
(4) The term “surety” means the person who (A) under the terms of a bid bond, undertakes to pay a sum of money to the obligee in the event the principal breaches the conditions of the bond, (B) under the terms of a performance bond, undertakes to incur the cost of fulfilling the terms of a contract in the event the principal breaches the conditions of the contract, (C) under the terms of a payment bond, undertakes to make payment to all persons supplying labor and material in the prosecution of the work provided for in the contract if the principal fails to make prompt payment, or (D) is an agent, independent agent, underwriter, or any other company or individual empowered to act on behalf of such person.
(5) The term “obligee” means (A) in the case of a bid bond, the person requesting bids for the performance of a contract, or (B) in the case of a payment bond or performance bond, the person who has contracted with a principal for the completion of the contract and to whom the obligation of the surety runs in the event of a breach by the principal of the conditions of a payment bond or performance bond.
(6) The term “principal” means (A) in the case of a bid bond, a person bidding for the award of a contract, or (B) the person primarily liable to complete a contract for the
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Source location: Title 15, Chapter 14B, § 694a; chapter-14b-small-business-investment-program.md
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As used in this part—
(1) The term “bid bond” means a bond conditioned upon the bidder on a contract entering into the contract, if he receives the award thereof, and furnishing the prescribed payment bond and performance bond.
(2) The term “payment bond” means a bond conditioned upon the payment by the principal of money to persons under contract with him.
(3) The term “performance bond” means a bond conditioned upon the completion by the principal of a contract in accordance with its terms.
(4) The term “surety” means the person who (A) under the terms of a bid bond, undertakes to pay a sum of money to the obligee in the event the principal breaches the conditions of the bond, (B) under the terms of a performance bond, undertakes to incur the cost of fulfilling the terms of a contract in the event the principal breaches the conditions of the contract, (C) under the terms of a payment bond, undertakes to make payment to all persons supplying labor and material in the prosecution of the work provided for in the contract if the principal fails to make prompt payment, or (D) is an agent, independent agent, underwriter, or any other company or individual empowered to act on behalf of such person.
(5) The term “obligee” means (A) in the case of a bid bond, the person requesting bids for the performance of a contract, or (B) in the case of a payment bond or performance bond, the person who has contracted with a principal for the completion of the contract and to whom the obligation of the surety runs in the event of a breach by the principal of the conditions of a payment bond or performance bond.
(6) The term “principal” means (A) in the case of a bid bond, a person bidding for the award of a contract, or (B) the person primarily liable to complete a contract for the obligee, or to make payments to other persons in respect of such contract, and for whose performance of his obligation the surety is bound under the terms of a payment or performance bond. A principal may be a prime contractor or a subcontractor.
(7) The term “prime contractor” means the person with whom the obligee has contracted to perform the contract.
(8) The term “subcontractor” means a person who has contracted with a prime contractor or with another subcontractor to perform a contract.
(9) Notwithstanding any other provision of law or any rule, regulation, or order of the Administration, for purpose of sections 694a, 694b, and 694c of this title the term “small business concern” means a business concern that meets the size standard for the primary industry in which such business concern, and the affiliates of such business concern, is engaged, as determined by the Administrator in accordance with the North American Industry Classification System.
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Authority of Administration to guarantee surety against loss from principal’s breach of bond**
(1)
(A) The Administration may, upon such terms and conditions as it 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 $6,500,000, as adjusted for inflation in accordance with [section 1908 of title 41](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title41-section1908&num=0&edition=prelim).
(B) The Administrator may guarantee a surety under subparagraph (A) for a total work order or contract amount that does not exceed $10,000,000, if a contracting officer of a Federal agency certifies that such a guarantee is necessary.
(2) The terms and conditions of said guarantees and commitments may vary from surety to surety on the basis of the Administration’s experience with the particular surety.
(3) The Administration may authorize any surety, without further administration approval, to issue, monitor, and service such bonds subject to the Administration’s guarantee.
(4) No such guarantee may be issued, unless—
(A) the person who would be principal under the bond is a small business concern;
(B) the bond is required in order for such person to bid on a contract, or to serve as a prime contractor or subcontractor thereon;
(C) such person is not able to obtain such bond on reasonable terms and conditions without a guarantee under this section; and
(D) there is a reasonable expectation that such principal will perform the covenants and conditions of the contract with respect to which such
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 694b
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Federal law — U.S. Code and appendices · legal_authorities
This chapter may be cited as the “National Housing Act.”
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Aid, counsel, assistance, etc., to small business concerns** The essence of the American economic system of private enterprise is free competition. Only through full and free competition can free markets, free entry into business, and opportunities for the expression and growth of personal initiative and individual judgment be assured. The preservation and expansion of such competition is basic not only to the economic well-being but to the security of this Nation. Such security and well-being cannot be realized unless the actual and potential capacity of small business is encouraged and developed. It is the declared policy of the Congress that the Government should aid, counsel, assist, and protect, insofar as is possible, the interests of small-business concerns in order to preserve free competitive enterprise, to insure that a fair proportion of the total purchases and contracts or subcontracts for property and services for the Government (including but not limited to contracts or subcontracts for maintenance, repair, and construction) be placed with small-business enterprises, to insure that a fair proportion of the total sales of Government property be made to such enterprises, and to maintain and strengthen the overall economy of the Nation.
**(b) Assistance to compete in international markets**
(1) It is the declared policy of the Congress that the Federal Government, through the Administrator of the Small Business Administration, acting through the Associate Administrator for International Trade, and in cooperation with the Department of Commerce and other relevant State and Federal agencies, should aid and assist small businesses, as defined under this chapter, to increase their ability to compete in international markets by—
(A) enhancing their abil
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 631
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Federal law — U.S. Code and appendices · legal_authorities
**(a) Loans to small business concerns; allowable purposes; qualified business; restrictions and limitations** The Administration is empowered to the extent and in such amounts as provided in advance in appropriation Acts to make loans for plant acquisition, construction, conversion, or expansion, including the acquisition of land, material, supplies, equipment, and working capital, and to make loans to any qualified small business concern, including those owned by qualified Indian tribes, for purposes of this chapter. Such financings may be made either directly or in cooperation with banks or other financial institutions through agreements to participate on an immediate or deferred (guaranteed) basis. These powers shall be subject, however, to the following restrictions, limitations, and provisions:
(1) **In general.—**
(A) *Credit elsewhere.—*
(i) *In general.—* — The Administrator has the authority to direct, and conduct oversight for, the methods by which lenders determine whether a borrower is able to obtain credit elsewhere. No financial assistance shall be extended pursuant to this subsection if the applicant can obtain credit elsewhere. No immediate participation may be purchased unless it is shown that a deferred participation is not available; and no direct financing may be made unless it is shown that a participation is not available.
(ii) *Liquidity.—* — On and after October 1, 2015, the Administrator may not guarantee a loan under this subsection if the lender determines that the borrower is unable to obtain credit elsewhere solely because the liquidity of the lender depends upon the guaranteed portion of the loan being sold on the secondary market.
(B) *Background checks.—* — Prior to the approval of any loan made pursuant to this subsecti
Source: Supplied U.S. Code snapshot — release unconfirmed · 15 U.S.C. § 636
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Federal law — U.S. Code and appendices · legal_authorities
For the purpose of this chapter, the term—
**(a)** “Secretary” means the Secretary of the Interior.
**(b)** “Indian” means any person who is a member of any Indian tribe, band, group, pueblo, or community which is recognized by the Federal Government as eligible for services from the Bureau of Indian Affairs and any “Native” as defined in the Alaska Native Claims Settlement Act [[43 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1601&num=0&edition=prelim) et seq.].
**(c)** “Tribe” means any Indian tribe, band, group, pueblo, or community, including Native villages and Native groups (including corporations organized by Kenai, Juneau, Sitka, and Kodiak) as defined in the Alaska Native Claims Settlement Act [[43 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1601&num=0&edition=prelim) et seq.], which is recognized by the Federal Government as eligible for services from the Bureau of Indian Affairs.
**(d)** “Reservation” includes Indian reservations, public domain Indian allotments, former Indian reservations in Oklahoma, and land held by incorporated Native groups, regional corporations, and village corporations under the provisions of the Alaska Native Claims Settlement Act [[43 U.S.C. 1601](https://uscode.house.gov/view.xhtml?req=granuleid:USC-prelim-title43-section1601&num=0&edition=prelim) et seq.].
**(e)** “Economic enterprise” means any Indian-owned (as defined by the Secretary of the Interior) commercial, industrial, or business activity established or organized for the purpose of profit: Provided, That such Indian ownership shall constitute not less than 51 per centum of the enterprise.
**(f)** “Organization”, unless otherwise specified, shall be the governing body of any Indi
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Federal law — U.S. Code and appendices · legal_authorities
Page 1130
TITLE 15—COMMERCE AND TRADE
§ 694a
erty, or assets derived by him from his oper-
ations in connection with section 694–1 of this
title shall be deposited in the fund. All expenses
and payments, excluding administrative ex-
penses, pursuant to operations of the Adminis-
trator under section 694–1 of this title shall be
paid from the fund. Moneys in the fund not
needed for the payment of current operating ex-
penses or for the payment of claims arising
under this part may be invested in bonds or
other obligations of, or bonds or other obliga-
tions guaranteed as to principal and interest by,
the United States; except that moneys provided
as capital for the fund shall not be so invested.
(Pub. L. 85–699, title IV, § 405, as added Pub. L.
94–305, title I, § 102, June 4, 1976, 90 Stat. 665;
amended Pub. L. 95–89, title I, § 104, Aug. 4, 1977,
91 Stat. 556; Pub. L. 96–302, title I, § 112, July 2,
1980, 94 Stat. 837.)
Editorial Notes
AMENDMENTS
1980—Pub. L. 96–302 inserted investment of idle funds
provision.
1977—Pub. L. 95–89 prohibited payment of administra-
tive expenses from the fund and deleted provisions
which authorized: a $15,000,000 appropriation of capital
for the fund; payment during the fiscal year into the
Treasury as miscellaneous receipts, from the fund, of
interest on the cumulative amount of appropriations
available as capital to the fund less the average
undisbursed cash balance in the fund during the year;
and investment of noncapital moneys, when not needed
for payment of current operating expenses or claims
arising under section 694–2 of this title, in Federal
bonds or obligations or bonds or obligations guaranteed
by the United States as to principal and interest.
Statutory Notes and Related Subsidiaries
EFFECTIVE D
Source: Supplied 2024 U.S. Code historical extraction · 15 U.S.C. § 694a
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