(a) A surety bond issued by a corporate surety qualified by law to issue surety insurance as defined in ORS 731.186;
(b) A stipulation or undertaking with one or more individual sureties; or
(c) Any other form of security specified in the statute requiring the security.
(2) When the security for the faithful performance of a public contract is in the form of a stipulation or undertaking with one or more individual sureties, the individual sureties must be residents of this state. The total net worth of all the individual sureties on the stipulation or undertaking must be at least twice the sum specified in the stipulation or undertaking. The public agency requiring the security shall determine if the sureties possess the qualifications prescribed by this subsection. [1991 c.517 §8; 2003 c.794 §217]
Structure 2021 Oregon Revised Statutes
Volume : 05 - State Government, Government Procedures, Land Use
Section 200.005 - Definitions.
Section 200.015 - Legislative findings.
Section 200.035 - Notice to Governor’s Policy Advisor for Economic and Business Equity.
Section 200.057 - Designation of certified emerging small business as tier one or tier two firm.
Section 200.065 - Fraudulent conduct prohibited; penalty and other sanctions.
Section 200.110 - Mentor relationship; guidelines; eligibility.
Section 200.120 - Development plan for mentor relationship; contents; review; termination.
Section 200.170 - Eligibility for participation.
Section 200.200 - Security for performance by emerging small business.