D.C. Mun. Regs. r. 19-4357
Current through Register Vol. 71, No. 24, June 14, 2024
Rule 19-4357 - BONDS, INSURANCE AND OTHER FINANCIAL PROTECTIONS4357.1The CCO has the discretion to require any types of security specified in this section for any solicitation or contract including the following:
(a) Bid bonds or proposal bonds;(b) Performance or payment bonds for construction;(c) Performance or payment bonds or other security for non-construction contracts;4357.2The CCO shall consider the following factors in non-construction contracts:
(a) Whether Library property or funds are to be provided to the contractor for use in performing the contract or as partial compensation (such as retention of salvaged material);(b) When a contractor sells assets to or merges with another business entity, whether the Library (after recognizing the other entity as the successor in interest) needs assurance that it is financially capable;(c) Whether substantial progress payments are to be made before delivery of end items starts;(d) Whether the contract is for dismantling, demolition, or removal of improvements; or(e) Any other factors which might favor the use of security instruments to protect the best interests of the Library.4357.3A payment security shall be required only when a performance security is required and the use of the payment security is in the best interests of the Library.
4357.4When a security is required by the Library, the CCO may accept any of the following types of security:
(a) A bond provided by a surety in accordance with Section 4358;(b) A certified check or irrevocable letter of credit issued by an insured financial institution in the equivalent amount of the security; or(c) United States government securities that are assigned to the Library which pledge the full faith and credit of the United States.4357.5The CCO shall determine a contractor's responsibility even though security has been or can be obtained.
D.C. Mun. Regs. r. 19-4357
Final Rulemaking published at 55 DCR 493 (January 18, 2008)