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surety bond |
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THE RELATED COMPANIES began offering lower-cost surety bonds to residents at lease signing in September 2008 in lieu of having them pay traditional security deposits in an effort to gain a competitive marketing advantage in several markets throughout its national portfolio. State and federally funded projects require under the Miller Act (Federal) and Little Miller Act (State), that Surety bonds be provided to protect the public funds designated to the project. The American Recovery and Reinvestment Act has increased the amount of Small Business Administration-backed surety bonds up to $5 million. |
Surety bonds |
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