Insufficient Validity Period of Performance Surety Bonds
Department of Public Works and Highways · 2023
Severity: HighRecommendation: Unknown
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What Happened?
Category: Financial ManagementIssue: Non-compliancePerformance bonds submitted by contractors expired before the agency officially accepted the projects.
Why It Matters
Recommended Actions
No recommendations are available for this finding yet.
Original Audit Finding Excerpt
"Validity of the posted performance surety bonds were insufficient to cover the required period of performance security."