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                            52.228-15 Performance and Payment Bonds-Construction.
        
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FAC Number: 2024-03 Effective Date: 02/23/2024
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Subpart52.052.152.252.3
Section52.20052.20152.20252.20352.20452.20552.20652.20752.20852.20952.21052.21152.21252.21352.21452.21552.21652.21752.21852.21952.22052.22152.22252.22352.22452.22552.22652.22752.22852.22952.23052.23152.23252.23352.23452.23552.23652.23752.23852.23952.24052.24152.24252.24352.24452.24552.24652.24752.24852.24952.25052.25152.25252.253
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52.228-15 Performance and Payment Bonds-Construction.52.228-15 Performance and Payment	Bonds-Construction.       As prescribed	in 28.102-3(a), insert	a clause substantially as follows:          Performance	and Payment Bonds-Construction (Jun 2020)                                       (a)                   *Definitions*.	As used in this clause-                *Original contract price* means	the award price of the contract; or, for requirements contracts,	the price payable for the estimated total quantity; or, for indefinite-quantity	contracts, the price payable for the specified minimum quantity.	Original contract price does not include the price of any options,	except those options exercised at the time of contract award.                                          (b)                   *Amount of required bonds*.	Unless the resulting contract price is valued at or below the threshold	specified in Federal Acquisition Regulation  28.102-1(a)	on the date of award of this contract, the successful offeror shall	furnish performance and payment bonds to the Contracting Officer	as follows:                                                         (1)                         *Performance bonds (  Standard Form 25)*.	The penal amount of performance bonds at the time of contract award	shall be 100 percent of the original contract price.                                                            (2)                         *Payment	Bonds (  Standard Form 25A)*.	The penal amount of payment bonds at the time of contract award	shall be 100 percent of the original contract price.                                                            (3) 								                Additional	bond protection.                                                                           (i) 										                    The Government may require additional	performance and payment bond protection if the contract price is	increased. The increase in protection generally will equal 100 percent	of the increase in contract price.                                                                              (ii) 										                    The Government	may secure the additional protection by directing the Contractor	to increase the penal amount of the existing bond or to obtain an	additional bond.                                                                                                                            (c)                   *Furnishing	executed bonds*. The Contractor shall furnish all executed bonds,	including any necessary reinsurance agreements, to the Contracting	Officer, within the time period specified in the Bid Guarantee provision	of the solicitation, or otherwise specified by the Contracting Officer,	but in any event, before starting work.                                          (d)                   *Surety	or other security for bonds*. The bonds shall be in the form	of firm commitment, supported by corporate sureties whose names	appear on the list contained in Treasury Department Circular 570,	individual sureties, or by other acceptable security such as postal	money order, certified check, cashier's check, irrevocable letter	of credit, or, in accordance with Treasury Department regulations,	certain bonds or notes of the United States. Treasury Circular 570	is published in the *Federal Register* or may be obtained from	the:                U.S. Department of the Treasury,                Financial Management,                Service	Surety Bond Branch,                3700 East West Highway,                Room 6 F01,                Hyattsville,	MD 20782.                Or via the internet at   http://www.fms.treas.gov/c570/.                                          (e)                   *Notice	of subcontractor waiver of protection* (  40 U.S.C. 3133(c)).	Any waiver of the right to sue on the payment bond is void unless	it is in writing, signed by the person whose right is waived, and	executed after such person has first furnished labor or material	for use in the performance of the contract.                                 (End of clause)    **Parent topic:**  52.228 [Reserved]
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