S06 Clause 52.228-1 Bid Guarentee.docx
FAR Clause DOCX document 15 KB Posted
- Solicitation number
- 36C25526R0041-0003
About this file
This file is a standard Federal Acquisition Regulation (FAR) clause regarding bid guarantee requirements for sealed bid solicitations. The clause applies to the Department of Veterans Affairs solicitation for roof replacement work on Buildings 1, 52, and 53 at a Veterans Integrated Service Network 15 facility.
Bidders are required to submit a bid guarantee by the time of bid opening, with failure to do so potentially resulting in bid rejection. The guarantee must be in the form of a firm commitment such as a bid bond with acceptable surety, postal money order, certified check, cashier's check, irrevocable letter of credit, or certain U.S. Treasury bonds or notes. The guarantee amount is established at 20 percent of the bid price or $3,000,000.00, whichever is less. The Contracting Officer will return bid guarantees 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, making the bidder liable for any costs exceeding the original bid amount, with the bid guarantee available to offset such differences.
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| File | Type | Posted |
|---|---|---|
| S06 - 36C25526R0041 0003.docx | DOCX document |
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Text version
2.4 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 20 percent of the bid price or $3,000,000.00, 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.
(End of Provision)
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