1. Regulations
  2. title 48
  3. chapter 1
  4. part 28
  5. subpart 28.1
  6. § 28.104

View all text of Subpart 28.1 [28.100 - 28.106-8]

28.104 - 28.104 Annual performance bonds.

(a) Annual performance bonds only apply to non-construction contracts. They shall provide a gross penal sum applicable to the total amount of all covered contracts.

(b) When the penal sums obligated by contracts are approximately equal to or exceed the penal sum of the annual performance bond, an additional bond will be required to cover additional contracts.

AUTHORITY: 40 U.S.C. 121(c); 10 U.S.C. chapter 4 and 10 U.S.C. chapter 137 legacy provisions (see 10 U.S.C. 3016); and 51 U.S.C. 20113.

SOURCE: 48 FR 42286, Sept. 19, 1983, unless otherwise noted.

CITE AS: 48 CFR 28.104