§40.700. Special Assistance

a)         Purchasing agencies may waive or reduce bond requirements for certified vendors when allowed by law and when the reduced bond amount would adequately protect the State's interests.

 

b)         Purchasing agencies may enter into contracts with certified vendors that contain a provision allowing advance or progress payments or both, except that a construction contract may not contain an advance payment provision.  The advance or progress payment provision may be added to a contract at any time by agreement of the parties.  Agencies must consider the application of Section 9.05 of the State Finance Act [30 ILCS 105/9.05] before including the provisions in contracts.

 

(Recodified from Section 20.700 of 44 Ill. Adm. Code 20 (Central Management Services) pursuant to Section 45-57 of the Illinois Procurement Code [30 ILCS 500/45-57], at 47 Ill. Reg. 12484)