[Code of Federal Regulations]

[Title 48, Volume 1]

[Revised as of October 1, 2005]

From the U.S. Government Printing Office via GPO Access

[CITE: 48CFR28.103-3]



[Page 553]

 

            TITLE 48--FEDERAL ACQUISITION REGULATIONS SYSTEM

 

                CHAPTER 1--FEDERAL ACQUISITION REGULATION

 

PART 28_BONDS AND INSURANCE--Table of Contents

 

           Subpart 28.1_Bonds and Other Financial Protections

 

Sec. 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]