(20 ILCS 3520/5)
Sec. 5. Definitions.
"Contract term" means the term of the private sector, government, or utility contract, including a maintenance or warranty period of up to 2 years from the date on which final payment under the contract is due.
"Department" means the Illinois Department of Commerce and Economic Opportunity.
"Fund" means the Small Business Surety Bond Guaranty Fund.
"Principal" means (i) in the case of a bid bond, a person bidding for the award of a contract, or (ii) the person primarily liable to complete a contract for the obligee, or to make payments to other persons in respect of the 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.
"Program" means the Small Business Surety Bond Guaranty Program created by this Act.
(Source: P.A. 94-793, eff. 5-19-06.)
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Last modified: February 18, 2015