§28.103-3. Payment bonds.
48 C.F.R. § 28.103-3
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.
When a contract price is increased, the Government may require additional bond protection in an amount adequate to protect suppliers of labor and material.
Notes, amendments, and revision history
Amendments
[48 FR 42286, Sept. 19, 1983, as amended at 61 FR 39213, July 26, 1996]
Authority
Authority: 40 U.S.C. 121(c); 10 U.S.C. chapter 4 and 10 U.S.C. chapter 137 legacy provisions (see 10 U.S.C. 3016); and 51 U.S.C. 20113.
Source
Source: 48 FR 42286, Sept. 19, 1983, unless otherwise noted.
Amendments
[48 FR 42286, Sept. 19, 1983, as amended at 61 FR 39213, July 26, 1996]