48 C.F.R. PART 928—BONDS AND INSURANCE
Title 48 - Federal Acquisition Regulations System
Authority: 42 U.S.C. 7254; 40 U.S.C. 486(c).
Source: 49 FR 12010, Mar. 28, 1984, unless otherwise noted.
Source: 61 FR 41708, Aug. 9, 1996, unless otherwise noted.
In addition to the restriction on use of bid guarantees in FAR 28.101–1(a), a bid guarantee may be required only for fixed price or unit price contracts entered into as a result of sealed bidding. They may not be required for negotiated contracts. A determination that is in the best interest of the Government to require payment bonds in connection with other than construction contracts may be made by the contracting officer on individual acquisitions. A performance or payment bond, other than an annual bond, shall not antedate the contract to which it pertains. The DOE policies and procedures for indemnification of DOE contractors are set forth in FAR Part 50 and 950. (a) Service-type insurance policies are cost-reimbursement type contracts or subcontracts in which the insurer provides claim and loss adjustment services on a cost reimbursement basis, which satisfies state and Federal insurance requirements. (b) Service-type insurance policies may be used with contracting officer approval, when one or more of the following conditions are present: (1) Pure risk commercial insurance is not available or, if available, cost is not considered reasonable; (2) Inherent risks in the contract are new and a part of the process of commercialization; (3) The service-type insurance is needed to implement jointly funded projects; or (4) The service-type insurance arrangement is considered in the Government's best interest.
Title 48: Federal Acquisition Regulations System
PART 928—BONDS AND INSURANCE
Section Contents
928.101-1 Policy on use.
928.103-3 Payment bonds.
928.103-70 Review of performance and payment bonds for other than construction.
928.301 Policy.
928.370 Service-type insurance policies.
Subpart 928.1—Bonds
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928.101-1 Policy on use.
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928.103-3 Payment bonds.
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928.103-70 Review of performance and payment bonds for other than construction.
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Subpart 928.3—Insurance
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928.301 Policy.
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928.370 Service-type insurance policies.
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