the bond act requires federal prime contractors to obtain performance bonds and payment binds based on...

the bond act requires federal prime contractors to obtain performance bonds and payment binds based on the contract price. please select true or false

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Performance bonds.

(a) Performance bonds may be required for contracts exceeding the simplified acquisition threshold when necessary to protect the Government’s interest. The following situations may warrant a performance bond:
1. (1) Government property or funds are to be provided to the contractor for use in performing the contract or as partial compensation (as in retention of salvaged material).
2. (2) A contractor sells assets to or merges with another concern, and the Government, after recognizing the latter concern as the successor in interest, desires assurance that it is financially capable.
3. (3) Substantial progress payments are made before delivery of end items starts.
4. (4) Contracts are for dismantling, demolition, or removal of improvements.
(b) The Government may require additional performance bond protection when a contract price is increased.
(c) The contracting officer must determine the contractor’s responsibility even though a bond has been or can be obtained.

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.

jeff jeffy answered 4 months ago

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