48 CFR 28.103-3 - 28.103-3 Payment bonds.

Regulations last checked for updates: May 02, 2024

Title 48 - Federal Acquisition Regulations System last revised: Apr 25, 2024

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

28.103-3 - 28.103-3 Payment bonds.

(a) A payment bond is required only when a performance bond is required, and if the use of payment bond is in the Government's interest.

(b) When a contract price is increased, the Government may require additional bond protection in an amount adequate to protect suppliers of labor and material.

[48 FR 42286, Sept. 19, 1983, as amended at 61 FR 39213, July 26, 1996]

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 28.103-3