7. Bid Bond form SF 24.pdf

This is Standard Form 24 (Bid Bond), a federal contracting template prescribed by the General Services Administration under 48 CFR 53.228(a). The form is used when a bid guaranty is required in federal solicitations and serves as a financial instrument to ensure bidder performance and compliance with contractual obligations.

The bid bond obligates the Principal (bidder) and one or more Sureties to the United States Government in a penal sum amount established by the contracting officer. The bond becomes void if the Principal accepts the Government's bid award, executes further required contractual documents, and provides any additional bonds within sixty days of bid acceptance, or in the event of failure to perform such actions, pays the Government for any costs exceeding the bid amount. The form accommodates Individual Sureties and Corporate Sureties, with liability limits specified for each surety entity. Corporate sureties executing the bond must appear on the Department of the Treasury's list of approved sureties. The penal sum may be expressed as a percentage of bid price with a maximum dollar limitation. Individual sureties must submit a completed Affidavit of Individual Surety (Standard Form 28) alongside the bond. The OMB control number is 9000-0001 with an expiration date of 1/31/2027. The form is authorized for local reproduction and includes a one-hour paperwork burden estimate for completion.