§ 5014. ILOC Terms.
10 CA ADC § 5014Barclays Official California Code of Regulations
10 CCR § 5014
§ 5014. ILOC Terms.
The terms and conditions of an ILOC shall be consistent with the resolution of the Corporation approving the ILOC and shall include all of the following:
(c) Where the Bond is for a public works project, a statement that the ILOC shall expire one hundred and twenty days following receipt by Surety of a statement from the party requiring the Bond (“Obligee”) that the work has been completed and fully accepted and that Obligee has made payment of all amounts owed the Principal pursuant to the Bond. The ILOC shall expire only if no notice of Claim is pending with the Surety. If the Bond is for other than a public works project, then the Corporation and Surety shall include in the ILOC what events and timing trigger expiration of the Guarantee.
Credits
Note: Authority cited: Section 14022(b), Corporations Code. Reference: Sections 14002, 14055, 14071 and 14071.5, Corporations Code.
History
1. New section filed 2-15-94 as an emergency; operative 2-15-94 (Register 94, No. 7). A Certificate of Compliance must be transmitted to OAL by 6-15-94 or emergency language will be repealed by operation of law on the following day.
2. Repealed by operation of Government Code section 11346.1(g) (Register 95, No. 7).
3. New section filed 4-17-95 as an emergency; operative 4-17-95 (Register 95, No. 16). A Certificate of Compliance must be transmitted to OAL by 8-15-95 or emergency language will be repealed by operation of law on the following day.
4. Certificate of Compliance as to 4-17-95 order transmitted to OAL 6-12-95 and filed 7-25-95 (Register 95, No. 30).
This database is current through 5/10/24 Register 2024, No. 19.
Cal. Admin. Code tit. 10, § 5014, 10 CA ADC § 5014
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