§ 102-38.240 What happens to the deposit bond if the bidder defaults or wants to withdraw their 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 their bid, you should return the deposit bond to the bidder.

[68 FR 51421, Aug. 26, 2003, as amended at 89 FR 67866, Aug. 22, 2024]