FINANCIAL REQUIREMENTS
§ 131.81. Bonding.
Before the payment against the first invoice, all contracting agencies shall submit to their appropriate regional office a fidelity bond which will provide coverage to meet the following requirements:
(1) The bond shall be a Fidelity Bond on a name, position schedule form.
(2) Applicant agency shall be shown as the insured.
(3) The obligee, or beneficiary shall be shown to be the Commonwealth. This provision may appear in the body of the bond or as a rider.
(4) At no time shall this bond be an addendum to a bond for another State or Federal grant program unless the other State program is funded through the Office of Community Services, Department of Community and Economic Development.
(5) The bond must contain the contract number, the total amount of the grant, the project name and the program name (TEAM).
(6) The period of coverage will be for the length of the contract and shall be renewable until the end of such contract and whenever any premium rebates are made the rebated sum is made payable to the Commonwealth of Pennsylvania, Department of Community and Economic Development.
(7) Each person named on the schedule form shall be bonded for the largest amount to be invoiced at any time as provided under the terms of the contract.
(8) The persons’ names on the schedule form shall include:
(i) Each person authorized to sign a check. A suggested minimum number of names would be three.
(ii) The person or persons authorizing disbursement of funds.
Cross References This section cited in 12 Pa. Code 131.61 (relating to grantee-delegate responsibilities to grantor).
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