What happens to the deposit bond if the bidder defaults or wants to withdraw his/her bid?

  1. Law
  2. CFR 41
  3. Public Contracts and Property Management
  4. Federal Property Management Regulations System
  5. Federal Management Regulation
  6. Personal Property
  7. Sale of Personal Property
  8. Bids
  9. Bid Deposits
  10. What happens to the deposit bond if the bidder defaults or wants to withdraw his/her bid?

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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.


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