PSB Surety definition

PSB Surety means a Surety that has been admitted to the Preferred Surety Bond (PSB) Program.
View Source
PSB Surety means a surety admitted by SBA to the Preferred Surety Bond Program (PSB) and authorized by SBA to issue, monitor and serviee without further SBA approval, bid, payment and
View Source

Examples of PSB Surety in a sentence

  • When the PSB Surety Executes a Bid Bond, SBA debits the Surety’s allotment for an amount equal to the guarantee per- centage of the estimated penal sum of the Final Bond SBA would guarantee if the Contract were awarded.

  • No SBA guarantee attaches to bonds approved by a PSB Surety if the bonds exceed the allotted authority for the period in which the bonds are approved.

  • If, however, a PSB Surety approves a Final Bond but never issues the bond, SBA will credit the Surety’s allotment for an amount equal to the guarantee percentage of the penal sum of the bond.

  • This prohibition does not ex- tend to an Affiliate, as defined in 13 CFR § 121.103, of a PSB Surety that is not itself a PSB Surety provided that the relationship between the PSB Sur- ety and the Affiliate has been fully dis- closed to SBA and that such Affiliate has been approved by SBA to partici- ▇▇▇▇ as a Prior Approval Surety pursu- ant to § 115.11.

  • There must be no Execution or ap- proval of a bond by a PSB Surety after commencement of work under a Con- tract unless the Surety obtains written approval from the D/SG.

  • SBA allots to each PSB Surety a periodic maximum guarantee authority.

  • SBA may audit in the office of a Prior Ap- proval or PSB Surety, the Surety’s at- torneys or consultants, or the Prin- cipal or its subcontractors, all docu- ments, files, books, records, tapes, disks and other material relevant to SBA’s guarantee, commitments to guarantee a surety bond, or agree- ments to indemnify the Prior Approval or PSB Surety.

  • The PSB Surety must notify SBA with- in 30 calendar days of the name and ad- dress of any Principal against whom legal action on the bond has been insti- tuted; whenever an Obligee has de- clared a default; whenever the Surety has established or added to a claim re- serve; of the recovery of any amounts on the guaranteed bond; and of any de- cision by the Surety to bond any such Principal again.

  • The PSB Surety must retain the cer- tifications and other information for the term of the bond, plus such addi- tional time as may be required to set- tle any claims of the Surety for ▇▇▇▇- bursement from SBA and to attempt salvage or other recovery, plus an addi- tional 3 years.

  • The PSB Surety must pay SBA a cer- tain percentage of the Premium it charges on Final Bonds.

Related to PSB Surety

  • Surety Ambac, or its successors in interest, or such other surety as may be identified in the Series Supplement.

  • Surety Bond means a bond from a Bond company with a credit rating by AMBEST better than a “B”. The bonding company shall be certified to issue bonds in a state in which this Agreement is approved.

  • Surety Instruments means all letters of credit (including standby and commercial), banker's acceptances, bank guaranties, shipside bonds, surety bonds and similar instruments.

  • Insurance Advisor means Aon Risk Services and any replacement thereof appointed by the Required Secured Parties and, if no Event of Default shall then be occurring, after consultation with the Borrower.

  • Surety Bonds means surety bonds obtained by the Borrower or any Restricted Subsidiary consistent with market practice and the indemnification or reimbursement obligations of the Borrower or such Restricted Subsidiary in connection therewith.