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Code of Federal Regulations (Last Updated: July 5, 2024) |
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Title 41 - Public Contracts and Property Management |
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Subtitle C - Federal Property Management Regulations System |
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Chapter 102 - Federal Management Regulation |
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SubChapter B - Personal Property |
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Part 102-38 - Sale of Personal Property |
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Subpart C - Bids |
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Bid Deposits |
§ 102-38.240 - What happens to the deposit bond if the bidder defaults or wants to withdraw his/her bid?
Latest version.
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§ 102-38.240 What happens to the deposit bond if the bidder defaults or wants to withdraw his/her bid?
(a) When a bid deposit is secured by a deposit bond and the bidder defaults, you must issue a notice of default to the bidder and the surety company.
(b) When a bid deposit is secured by a deposit bond and the bidder wants to withdraw his/her bid, you should return the deposit bond to the bidder.