Imminent Breach definition
Imminent Breach means a threat to the successful performance of a bonded contract which, unless remedied by surety, makes a loss under the bond appear to be inevitable.
Examples of Imminent Breach in a sentence
SBA will reimburse its guaranteed share of payments made by a Surety to avoid or attempt to avoid an Imminent Breach of the terms of a Contract covered by an SBA guar- anteed bond only if the payments were made with the prior approval of OSG.
The ag- gregate of the payments by SBA to avoid Imminent Breach cannot exceed 10% of the Contract amount, unless the Administrator finds that a greater pay- ment (not to exceed the guaranteed share of the bond penalty) is necessary and reasonable.
The Surety must keep records of payments made to avoid Imminent Breach.