Current as of January 01, 2020 | Updated by FindLaw Staff
Welcome to FindLaw's Cases & Codes, a free source of state and federal court opinions, state laws, and the United States Code. For more information about the legal concepts addressed by these cases and statutes, visit FindLaw's Learn About the Law.
Pursuant to rules promulgated under this chapter, the CPO may require a solicitation to include one or more of the following forms of security to assure the timely, faithful, and uninterrupted provision of operations and maintenance services, procured separately or as one element of design-build-operate-maintain or design-build-finance-operate-maintain services:
(1) Operations period surety bonds that secure the performance of the contractor's operations and maintenance obligations under the project delivery methods set forth in § 2-356.01;
(2) Letters of credit in an amount appropriate to cover the cost to the District of preventing infrastructure service interruptions for a period up to 12 months under the project delivery methods set forth in § 2-356.01; or
(3) Appropriate written guarantees from the contractor (or depending upon the circumstances, from parent corporations) to secure the recovery of procurement costs to the District in the event of a default in performance by the contractor.
Cite this article: FindLaw.com - District of Columbia Code Division I. Government of District. § 2-357.04. Other forms of security. - last updated January 01, 2020 | https://codes.findlaw.com/dc/division-i-government-of-district/dc-code-sect-2-357-04/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature or via Westlaw before relying on it for your legal needs.