48 C.F.R. § 28.203 Individual Sureties
Library | Code of Federal Regulations |
Edition | 2022 Edition |
Currency | Current through December 31, 2022 |
(a) An individual surety is acceptable for all types of bonds except position schedule bonds. Assets pledged by an individual surety shall meet the eligibility requirements of Treasury's Bureau of the Fiscal Service. Per 31 U.S.C. , individual sureties must pledge eligible obligations, which Treasury refers to as acceptable collateral or eligible collateral. A list of acceptable assets, entitled "Acceptable Collateral for 931031 CFR part 225," may be accessed by going to
(b)
-
(1) An
individual surety shall execute the bond (e.g., bid bond (SF 24), performance
bond (SF 25), payment bond (SF 25A)).
-
(2) The net adjusted value of unencumbered
assets is their market value minus the margin. The margin tables are available
at
-
(3) The individual surety
shall execute the SF 28, Affidavit of Individual Surety, and provide a security
interest. One individual surety is adequate support for a bond, provided the
net adjusted value of unencumbered assets pledged by that individual surety
equals or exceeds the amount of the bond.
-
(4) An offeror or contractor may submit up to
three individual sureties for each bond, in which case the net adjusted value
of the pledged unencumbered assets, when combined, must equal or exceed the
penal amount of the bond. Each individual surety is jointly and severally
liable to the extent of the penal amount of the bond.
(c) Using the information from the SF 28 submitted by the offeror or contractor, the contracting officer shall notify the Treasury's collateral operations support team by email at
To continue reading
Request your trial