52.228-1 BID GUARANTEE.docx
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- 36C26026R0082
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This is a standard federal contracting clause regarding bid guarantee requirements for sealed bidding procurements. The clause establishes that bidders must submit a bid guarantee in an approved form by the bid opening deadline, with failure to do so potentially resulting in bid rejection. Acceptable guarantee forms include bid bonds with government-approved surety, postal money orders, certified or cashier's checks, irrevocable letters of credit, or certain U.S. Treasury bonds or notes. The bid guarantee amount is set at 10 percent of the bid price or $200,000, whichever is less.
The clause specifies the Contracting Officer's procedures for handling bid guarantees, including returning them to unsuccessful bidders promptly after bid opening and to the successful bidder upon execution of contractual documents and required bonds. If the successful bidder fails to execute all contractual documents or furnish executed bonds within 10 days of receiving the forms, the Contracting Officer may terminate the contract for default. In such cases, the bidder remains liable for any costs exceeding the bid amount, and the bid guarantee is available to offset the difference between the government's actual cost to acquire the work and the original bid price.
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Text version
2.5 52.228-1 BID GUARANTEE (SEP 1996)
(a) Failure to furnish a bid guarantee in the proper form and amount, by the time set for opening of bids, may be cause for rejection of the bid.
(b) The bidder shall furnish a bid guarantee in the form of a firm commitment, e.g., bid bond supported by good and sufficient surety or sureties acceptable to the Government, postal money order, certified check, cashier's check, irrevocable letter of credit, or, under Treasury Department regulations, certain bonds or notes of the United States. The Contracting Officer will return bid guarantees, other than bid bonds—
(1) To unsuccessful bidders as soon as practicable after the opening of bids; and
(2) To the successful bidder upon execution of contractual documents and bonds (including any necessary coinsurance or reinsurance agreements), as required by the bid as accepted.
(c) The amount of the bid guarantee shall be 10 percent of the bid price or $200,000, whichever is less.
(d) If the successful bidder, upon acceptance of its bid by the Government within the period specified for acceptance, fails to execute all contractual documents or furnish executed bond(s) within 10 days after receipt of the forms by the bidder, the Contracting Officer may terminate the contract for default.
(e) In the event the contract is terminated for default, the bidder is liable for any cost of acquiring the work that exceeds the amount of its bid, and the bid guarantee is available to offset the difference.
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