As prescribed in 1828.101-70, insert the following provision:
BID BOND
(OCTOBER 1988)
(a) Each bidder shall submit with its bid a bid bond (Standard Form 24) with good and sufficient surety or sureties acceptable to the Government, or other security as provided in Federal Acquisition Regulation clause 52.228-1, in the amount of twenty percent (20%) of the bid price, or $3 million, whichever is the lower amount.
(b) Bid bonds shall be dated the same date as the bid or earlier.
(End of provision)
