48 C.F.R. § 28.203-2
28.203-2 Substitution of assets.
An individual surety may request the Government to accept a substitute asset for that currently pledged by submitting a written request, including a revised SF 28, to the responsible contracting officer. Following the requirements set forth in 28.203-1, the contracting officer may agree to the substitution of assets upon determining that the substitute assets to be pledged are adequate to protect the outstanding bond or guarantee obligations.
Notes of Decisions
Cited in 4
cases, 1995–2015 · leading case: Tip Top Constraction, Inc. v. United States
Tip Top Constraction, Inc. v. United States (2009)
“” 48 C.F.R. § 28.203-2 (a). That section of the FAR then lists specific assets that are acceptable or unacceptable in support of a bid bond: (b) Acceptable assets include— (1) Cash, or certificates of deposit, or other cash equivalents with a federally insured financial…”
Anthem Builders, Inc. v. United States (2015)
“203-1 (Security interests by an individual surety), 48 C.F.R. § 28.203-2 (Acceptability of assets), 48 C.”
United States ex rel. General Rock & Sand Corp. v. Chuska Development Corp. (1995)
“42,290 (1983) (initially codified at 48 C.F.R. § 28.203-2 , now at 48 C.F.R. § 28.”
American Demolition & Nuclear Decommissioning, Inc. v. IBCS Group, Inc. (2014)
“” Brochure at 3, 17; see also 48 C.F.R. § 28.203-2 (a) & (b)(1) (“The Government will accept only cash, readily marketable assets, or irrevocable letters of credit from a federally insured financial institution from individual sureties to satisfy the underlying bond obligations .”
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