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B-168106 1 (1977-11-18)

handle is hein.gao/gaobadfia0001 and id is 1 raw text is: fl, r THK COMPTROLLER GENERAL DECISIDIN .3 THEa -M UNfITE1 D TATErrS VV ASH INGTON. D.C. 2054 E (1) FILE: B-168106 DATr: November 18, 1977 a MATTER OF: United Staten Forest Servtce DiflCEST: Applicable Federal Procurament Regulations (FPR) do not authorize covtracting officers to remit, prior to expiration of contract warranty period, any part of cash deposited as security for contract performance of con- struction contracts covered by the Miller .Act, 40 U.S.C. I 270a at s (1970). The United States Forest Service, Department of Agriculture, has requested our opinion whether contrac- ting officers have authority to remi.,, prior to expira- tion of the contract warranty period, part or all of the cash deposited by a contractor as security for per- formance of construction contracts covered by the Miller Act, 40 U.S.C. § 270a et seg. (1970}. Federal Procurement Regulations (FPR) 5 1-10.204-2 (1964 ad. amend. 27) permits a contractor to deposit cash in an amount equal to the penal sum of a required bond in lieu of furnishing a surety o:: sureties. In general, the penal sum is equal to lOU percent of the contract price at the time of award, although the con- tracting officer may prescribe a lesser amount. FPR § 1-10.104-1(b) (1964 ed. amend. 48). Under FPR § 1- 10.204, where security is provided other than by the furnishing of a surety; Agencies * * * shall return such security or its equivalent when, by its terms, the obligation of the bond has ceased. - 1- L W

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