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Areas of risk analysis in procurement falls into two categories, strategic, and operational, and may arise from internal or external sources. The entity must consider and address procurement risks that may impact the entities strategic plan.
Colorado Department of Transportation
T-Rex Conference Room
2829 W Howard Pl
Denver, CO 80204
May 2024 Board of Directors Meeting
Surety bonds play a crucial role in government procurement by mitigating the risks associated with contracting projects, ensuring accountability, and protecting taxpayer funds. They provide a level of assurance to the government that projects will be completed as agreed upon and that all parties involved will be fairly compensated. Surety bonds are a type of financial guarantee that ensures contractual obligations are fulfilled. In government procurement, surety bonds serve as a form of protection for the government and taxpayers against financial loss due to contractor default or failure to meet contractual obligations.