[Code of Federal Regulations]
[Title 41, Volume 3]
[Revised as of July 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 41CFR102-38.240]

[Page 149]
 
           TITLE 41--PUBLIC CONTRACTS AND PROPERTY MANAGEMENT
 
               CHAPTER 102--FEDERAL MANAGEMENT REGULATION
 
PART 102-38_SALE OF PERSONAL PROPERTY--Table of Contents
 
                             Subpart C_Bids
 
Sec. 102-38.240  What happens to the deposit bond if the bidder 
defaults or wants to withdraw his/her bid?

    (a) When a bid deposit is secured by a deposit bond and the bidder 
defaults, you must issue a notice of default to the bidder and the 
surety company.
    (b) When a bid deposit is secured by a deposit bond and the bidder 
wants to withdraw his/her bid, you should return the deposit bond to the 
bidder.

                                Late Bids