Construction Contracts: Individual Sureties Had No Defaults on Fiscal Year 1991 Contracts

GGD-92-69 Published: Apr 01, 1992. Publicly Released: Apr 01, 1992.

Highlights

Pursuant to a legislative requirement, GAO reviewed the: (1) extent to which contractors used individual sureties to meet bonding requirements on federal construction contracts; and (2) default rate when individual sureties were used on construction contracts awarded during fiscal year (FY) 1991.

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Government Operations

Construction contractsContract terminationContractorsFederal procurementMinority businessesPayment bondsPerformance bondsSurety bondsPrivate sectorConstruction