Common use of Surety Requirements Clause in Contracts

Surety Requirements. 5.1 The Grantee understands and agrees that it shall be liable to repay to the Agency any funds not expended in accordance with this grant, or determined to be expended in violation of the terms of this grant and under OMB’s UG including loss arising from a fraudulent or dishonest act of the Grantee’s officers and employees holding positions of fiduciary trust.

Surety Requirements. 5.1 The Grantee understands and agrees that it shall be liable to repay to the Agency any funds not expended in accordance with this grant, or determined to be expended in violation of the terms of this grant and under OMB’s UG OMB UG, 2 C.F.R. Part 200, including loss arising from a fraudulent or dishonest act of the Grantee’s officers and employees holding positions of fiduciary trust.