CFR > Title 41 - Public Contracts and Property Management > SUBTITLE C—Federal Property Management Regulations System > CHAPTER 102—FEDERAL MANAGEMENT REGULATION (parts 102 to 102-197) > SUBCHAPTER B—PERSONAL PROPERTY (parts 102-31 to 102-42) > PART 102-38—SALE OF PERSONAL PROPERTY > SUBPART C—Bids (§102-38.170 to §102-38.270) > 102-38.240—What happens to the deposit bond if the bidder defaults or wants to withdraw his/her bid?

102-38.240—What happens to the deposit bond if the bidder defaults or wants to withdraw his/her bid?

(a) When a bid deposit is secured by a deposit bond and the bidder defaults, you must issue a notice of default to the bidder and the surety company.
(b) When a bid deposit is secured by a deposit bond and the bidder wants to withdraw his/her bid, you should return the deposit bond to the bidder.