ADMIN BLDGS, FIRE PROECTION IMPRVS (PH V), CAMP H.M. SMITH
(1) A current list of all other bonds (bid, performance, and payment)
on which the individual is a surety and bonds for which the
individual is requesting to be a surety.
(2) A statement as to the percent of completion of projects for which
the individual is bound on a performance bond.
This information is necessary to enable the Contracting Officer to evaluate
the sufficiency of the surety's net worth in a timely manner.
FAC 5252.228-9305, NOTICE OF BONDING REQUIREMENTS (JAN 1996)
Within 30 days after receipt of award, the bidder/offeror to whom the award
is made shall furnish the following bond(s) each with satisfactory security:
A performance bond (Standard Form 25). The performance bond shall be in a
penal sum equal to 100 percent of the contract price.
A payment bond (Standard Form 25A).
The payment bond shall be in a penal
sum equal to:
(1) 50% of the contract price if the contract price is not more than $1
(2) 40% of the contract price if the contract price is more than $1
million but not more than $5 million; or
(3) $2.5 million if the contract price is more than $5M.
Any surety company holding a certificate of authority from the Secretary of
Treasury as an acceptable surety on Federal bonds will be accepted.
Individual sureties will be permitted as prescribed in FAR 28.203 and FAC
5252.228-9300. Alternative types of security in lieu of furnishing
sureties on performance and/or payment bonds will be permitted as
prescribed in FAR 28.204, and will be held for at least one year after the
completion of the contract. Additional bond security may be required as
prescribed in FAR 52.228-2. Bonds shall be accompanied by a document
authenticating the agent's authority to sign bonds for the surety company.
The time for purposes of fixing the completion date, default, and
liquidated damages shall begin to run 30 days from the date of award,
regardless of when performance and payment bonds or deposits in lieu of
surety are executed.
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