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D.C. Municipal Regulations (Last Updated: September 13, 2017) |
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Title 27. CONTRACTS AND PROCUREMENT |
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Chapter 27-27. BONDS, OTHER SECURITY, AND INSURANCE |
Section 27-2704. REDUCTION OF SHELTERED MARKET SECURITY REQUIREMENTS
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2704.1The Director may approve the reduction of the amount of any type of security required in a solicitation designated for the sheltered market, as follows:
(a)Up to twenty percent (20%) of the amount of each type of security required in amounts of five hundred thousand ($500,000) or less;
(b)Up to ten percent (10%) of the amount of each type of security required in amounts over five hundred thousand ($500,000) but less than two million dollars ($2,000,000); and
(c)Up to five percent (5%) of the amount of each type of security required in amounts of two million dollars ($2,000,000) or more.
2704.2The types of security to be reduced and the amount of reduction of security shall be approved by the Director, based on a determination by the contracting officer that the risks to the District from the security reduction are minimal, and that the reduction of security is needed to provide for maximum competition in the sheltered market.
2704.3The contracting officer shall give notice to prospective contractors of the security reduction in the solicitation or an amendment to the solicitation.