South Carolina § 11-35-3037 Other forms of security.

South Carolina Statutes

§ 11-35-3037 — Other forms of security.

South Carolina·Title 11 PUBLIC FINANCE·Ch. 35 SOUTH CAROLINA CONSOLIDATED PROCUREMENT CODE

The governmental body may require 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 another project delivery method:

(a)operations period surety bonds that secure the performance of the contractor's operations and maintenance obligations;

(b)letters of credit in an amount appropriate to cover the cost to the governmental body of preventing infrastructure service interruptions for a period up to twelve months; and (c) appropriate written guarantees from the contractor, or depending upon the circumstances, from a parent corporation, to secure the recovery of reprocurement costs to the governmental body if the contractor defaults in performance.

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The governmental body may require 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 another project delivery method: (a) operations period surety bonds that secure the performance of the contractor's operations and maintenance obligations; (b) letters of credit in an amount appropriate to cover the cost to the governmental body of preventing infrastructure service interruptions for a period up to twelve months; and (c) appropriate written guarantees from the contractor, or depending upon the circumstances, from a parent corporation, to secure the recovery of reprocurement costs to the governmental body if the contractor defaults in performance.

South Carolina § 11-35-3037 (Other forms of security.) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.

Legislative History

HISTORY: 2008 Act No. 174, SECTION 5. Editor's Note 2008 Act No. 174, SECTION 21, provides as follows: "This act takes effect upon approval by the Governor and applies to solicitations issued on or after January 1, 2008."