SECTION 140

(1) The security may be replaced by a bond issued to the Project Owner or the Delegated Project Owner by a banking institution authorized in accordance with the instruments in force, or by a personal joint and several guarantee. (2) Public contract holders must provide guarantees from financial institutions approved by the Minister in charge of finance or that have a local correspondent approved by the said Minister. 55 (3) Small- and medium-size enterprises with national share capital and managed by nationals, as well as civil society organizations may, in lieu of security, provide a certified cheque, bank cheque, a legal mortgage or a bond issued by a banking institution or financial institution authorized in accordance with the instruments in force. (4) Any entity having produced a joint and several personal guarantee or any banking institution referred to in (1) above must undertake to pay, on the orders of the Project Owner or the Delegated Project Owner and up to the amount guaranteed, sums for which the Administration’s contracting partner may be liable under the contract. (5) The provisions of (1), (2) and (3) above shall be implemented in accordance with the rules laid down by the Project Owner or the Delegated Project Owner.