(1) When any requirement exists under ORS 279.835 to 279.855 or ORS chapter 279A, 279B or 279C to provide a surety bond or other security for the faithful performance of a public contract, an emerging small business may provide:
(a) A surety bond issued by a corporate surety qualified by law to issue surety insurance as defined in ORS 731.186;
(b) A stipulation or undertaking with one or more individual sureties; or
(c) Any other form of security specified in the statute requiring the security.
(2) When the security for the faithful performance of a public contract is in the form of a stipulation or undertaking with one or more individual sureties, the individual sureties must be residents of this state. The total net worth of all the individual sureties on the stipulation or undertaking must be at least twice the sum specified in the stipulation or undertaking. The public agency requiring the security shall determine if the sureties possess the qualifications prescribed by this subsection. [1991 c.517 §8; 2003 c.794 §217]
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Section: Previous 200.055 200.057 200.065 200.075 200.085 200.090 200.100 200.110 200.120 200.150 200.160 200.170 200.180 200.190 200.200Last modified: August 7, 2008