Attachment 0003 Bid Bond.pdf

This is Standard Form 24 (Rev. 10/2023), a Bid Bond template prescribed by the General Services Administration under 48 CFR 53.228(a) for use in federal contracting when a bid guaranty is required.

The form establishes a binding obligation between the Principal (bidder), Surety(ies), and the United States Government to guarantee performance on a submitted bid. The Principal and Surety(ies) are jointly and severally bound to pay the Government a penal sum if the Principal fails to accept the bid within a specified acceptance period (typically 60 days) or fails to execute further contractual documents and provide required bonds within ten days of bid acceptance. The bond may be expressed as a percentage of the bid price with a maximum dollar limitation. The form accommodates multiple surety arrangements, including individual sureties (requiring completion of Standard Form 28 - Affidavit of Individual Surety) and corporate sureties (which must appear on the Department of Treasury's list of approved sureties and act within their stated limitations). Corporate sureties must affix their corporate seals; individuals must affix adhesive seals if required by their jurisdiction. The OMB Control Number is 9000-0001 with an expiration date of 1/31/2027, and the estimated burden is one hour to complete. Any deviation from this form requires written approval from the Administrator of General Services. This is a template document with no specific contract opportunity, products, services, or response dates identified.