Disaster Surety Bond Enhancement Act of 2007
Last action on Apr 24, 2007Referred to the House Committee on Small Business.
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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.
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