About | HeinOnline Law Journal Library | HeinOnline Law Journal Library | HeinOnline

CED-80-34 1 (1979-12-27)

handle is hein.gao/gaobabafo0001 and id is 1 raw text is:              r RESTRICTED  - ot to be released outside the (ehai
  RELEASEDu A.o.tIf       Office  except o', the  basis  of  .1.0 ,fi  pprov' I
             by the Office of Cohgress:onal R.iitIoEW.

 REPORT BY THE


 Comptroller General


 OF THE UNITED STATES





The Surety Bond Guarantee Program:

Significant Changes Are Needed

In Its Management



The Surety Bond Guarantee Program was es-
tablished to guarantee up to 90 percent of a
surety company's losses on bonds issued to
small businesses which cannot obtain bonding
without the guarantee. Since 1971, the pro-
gram has guaranteed bonds on m_o-re than
91,000 contracts totaling $6.3 billion.

The program is not being managed effectively.
GAO recommends changes so that

    --bond guarantees are based on reliable
    data,

    -the Small Business Administration and
    the surety companies minimize losses,

    --contractors are assisted in obtaining
    bonding from the private market, and

    --the Small Business Administration pro-
    vides management assistance to pro-
    gram contractors.




    f    7;                                                    111534




                                                                    CEO-80-34
    1CCOU14'                                                DECEMBER 27, 1979



               '4i

What Is HeinOnline?

HeinOnline is a subscription-based resource containing thousands of academic and legal journals from inception; complete coverage of government documents such as U.S. Statutes at Large, U.S. Code, Federal Register, Code of Federal Regulations, U.S. Reports, and much more. Documents are image-based, fully searchable PDFs with the authority of print combined with the accessibility of a user-friendly and powerful database. For more information, request a quote or trial for your organization below.



Contact us for annual subscription options:

Already a HeinOnline Subscriber?

profiles profiles most