New York Codes, Rules and Regulations
Title 21 - Miscellaneous
Chapter L - New York State Urban Development Corporation
Part 4253 - Bonding Guarantee Assistance Program
Section 4253.2 - Definitions

Universal Citation: 21 NY Comp Codes Rules and Regs ยง 4253.2

Current through Register Vol. 46, No. 12, March 20, 2024

(a) Agent shall mean a third party that has entered into an agreement with the corporation for the purpose of administering the program.

(b) Bid bond shall mean a written guaranty provided to a principal by a surety on behalf of a contractor who is submitting a bid, in order to ensure that upon acceptance of the bid by the principal, the contractor will proceed with the contract and will replace the bid bond with a performance bond.

(c) Program shall mean the Bonding Guarantee Assistance Program created pursuant to section 16-f of the New York State Urban Development Corporation Act.

(d) Certified shall mean certification of a business enterprise as a minority-owned business enterprise or a women-owned business enterprise pursuant to article 15-A of the Executive Law.

(e) Corporation shall mean the New York State Urban Development Corporation d/b/a Empire State Development, a corporate governmental agency of the State of New York, constituting a political subdivision and public benefit corporation created by chapter 174 of the Laws of 1968, as amended.

(f) Minority-owned business enterprise shall mean a business enterprise, including a sole proprietorship, partnership or corporation that is:

(1) at least 51 percent owned by one or more minority group members;

(2) an enterprise in which such minority ownership is real, substantial and continuing;

(3) an enterprise in which such minority ownership has and exercises the authority to control independently the day-to-day business decisions of the enterprise;

(4) an enterprise authorized to do business in this State and independently owned and operated;

(5) an enterprise owned by an individual or individuals, whose ownership, control and operation are relied upon for certification, with a personal net worth that does not exceed $3,500,000, as adjusted annually on the first of January for inflation according to the consumer price index of the previous year; and

(6) an enterprise that is a small business, unless the term minority-owned business enterprise is otherwise defined in section 310 of the Executive Law, in which case the definition shall be as set forth for such term in such section.

(g) Minority group members shall mean persons who are:

(1) Black;

(2) Hispanic persons of Mexican, Puerto Rican, Dominican, Cuban, Central or South American descent or either Indian or Hispanic origin, regardless of race;

(3) Asian and Pacific Islander persons having origins in the Far East, Southeast Asia, the Indian sub-continent or the Pacific Islands; or

(4) American Indian or Alaskan Native persons having origins in any of the original people of North America and maintaining identifiable tribal affiliations through membership and participation or community identification, unless the term minority group member is otherwise defined in section 310 of the Executive Law, in which case the definition shall be as set forth for such term in such section.

(h) Payment bond shall mean a written guaranty provided to a principal by a surety on behalf of a contractor that guarantees that a contractor will pay suppliers, laborers, and subcontractors subject to contract terms for labor and materials.

(i) Performance bond shall mean a written guaranty provided to a principal by a surety on behalf of a contractor that guarantees that a contractor will adhere to the terms and conditions of a contract.

(j) Small business shall mean a business that is resident and authorized to do business in the State, independently owned and operated, not dominant in its field, whose primary place of business is in New York State, and that employs 100 or fewer persons on a full time basis, unless such term is otherwise defined in section 131 of the Economic Development Law, in which case the definition shall be as set forth for such term in such section.

(k) State shall mean the State of New York.

(l) Surety company shall mean a surety company that has a certificate of solvency from, and its rates approved by, the New York State Department of Financial Services and/or appears in the most current edition of the U.S. Department of Treasury Circular 570 as eligible to issue bonds in connection with procurement contracts for the United States of America.

(m) Women-owned business enterprise shall mean a business enterprise, including a sole proprietorship, partnership or corporation that is:

(1) at least 51 percent owned by one or more United States citizens or permanent resident aliens who are women;

(2) an enterprise in which the ownership interest of such women is real, substantial and continuing;

(3) an enterprise in which such women ownership has and exercises the authority to control independently the day-to-day business decisions of the enterprise;

(4) an enterprise authorized to do business in State and independently owned and operated;

(5) an enterprise owned by an individual or individuals, whose ownership, control and operation are relied upon for certification, with a personal net worth that does not exceed 3,500,000, as adjusted annually on the first of January for inflation according to the consumer price index of the previous year; and

(6) an enterprise that is a small business, unless the term women-owned business enterprise is otherwise defined in section 310 of the Executive Law, in which case the definition shall be as set forth for such term in such section.

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