S.C. Code Regs. § § 63-708

Current through Register Vol. 48, No. 11, November 22, 2024

Section 63-708 - Waiver of Bonding

A. The Department may waive bonding on set aside contracts with estimated construction costs not exceeding Two Hundred Fifty Thousand and No/100 ($250,000.00) Dollars.

B. Bonding requirements that may be waived include the following:

(1) On highway construction or bridge construction contracts,

(a) Proposal guaranty or bid bond;

(b) Performance and indemnity bond required by Section 57-5-1660(a)(1) of the Code of Laws of South Carolina (1976), as amended;

(c) Payment bond required by Section 57-5-1660(a)(2) of the Code of Laws of South Carolina (1976), as amended.

(2) On building construction or building renovation contracts,

(a) Bid security required by Section 11-35-3030 of the Code of Laws of South Carolina (1976), as amended;

(b) Performance bond required by Section 11-35-3030(2)(i) of the Code of Laws of South Carolina (1976), as amended;

(c) Payment bond required by Section 11-35-3030(2)(ii) of the Code of Laws of South Carolina (1976), as amended.

C. The Department shall process claims arising on non-bonded set-aside projects pursuant to Regulation 63-717.

S.C. Code Regs. § 63-708

Added by State Register Volume 16, Issue No. 6, eff June 26, 1992. Amended by State Register Volume 24, Issue No. 4, eff April 28, 2000.