§ 37.302 - Bonds or other security.

37.302 Bonds or other security.

When a contract is solely for dismantling, demolition, or removal of improvements, 40 U.S.C. chapter 31, subchapter III, Bonds, (see 28.102) does not apply. However, the contracting officer may require the contractor to furnish a performance bond or other security (see 28.103) in an amount that the contracting officer considers adequate to (a) ensure completion of the work, (b) protect property to be retained by the Government, (c) protect property to be provided as compensation to the contractor, and (d) protect the Government against damage to adjoining property.

[60 FR 49722, Sept. 26, 1995, as amended at 70 FR 57455, Sept. 30, 2005; 79 FR 24213, Apr. 29, 2014]