Bid Bond.pdf

This is Standard Form 24 (SF 24), a Bid Bond form authorized for use when a bid guarantee is required in federal contracting. The form is prescribed by the General Services Administration under the Federal Acquisition Regulation (48 CFR 53.228(a)) and has an OMB control number 9000-0001 with an expiration date of January 31, 2027.

The form establishes a binding obligation between the Principal (bidder), Surety(ies), and the United States Government. The Principal and Surety(ies) agree to guarantee the bid submission and ensure the Principal executes further contractual documents and provides required bonds within the specified timeframe—typically ten days after bid acceptance if no other period is stated—or pay the Government the difference between the bid amount and any higher cost of procuring the work elsewhere. The form accommodates multiple types of organizations as Principal (individual, partnership, joint venture, corporation) and allows for multiple Individual Sureties or Corporate Sureties, with provisions for co-surety arrangements where liability limits can be allocated provided the total equals 100 percent of the bond's penal sum. Corporate sureties must appear on the Department of Treasury's approved surety list and operate within stated liability limitations. The penal sum can 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) with the bond. The form requires signatures, seals (corporate or adhesive as applicable), and typed names and titles of authorized signatories from all parties.