1. LawStack
  2. Title 41 - Public Contracts and Property Management
  3. Subtitle C - FEDERAL PROPERTY MANAGEMENT REGULATIONS SYSTEM
  4. Chapter 102 - FEDERAL MANAGEMENT REGULATION
  5. Subchapter B - PERSONAL PROPERTY
  6. Part 102-38 - SALE OF PERSONAL PROPERTY
  7. Subpart C - Bids
  8. Topic - Bid Deposits
  9. 41 CFR § 102-38.240
41 CFR § 102-38.240
What happens to the deposit bond if the bidder defaults or wants to withdraw his/her bid?
June 9, 2020
CFR

(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.

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§ 102-38.235 What types of payment may we accept as bid deposits?

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