52.228-11 — Individual Surety—Pledge of Assets.

FAR 52.228-11 — Individual Surety—Pledge of Assets.. This clause is part of the Federal Acquisition Regulation and may be included in government contracts as a solicitation provision or contract clause.

52.228-11 Individual Surety—Pledge of Assets. As prescribed in 28.203-4(b), insert the following clause: Individual Surety—Pledge of Assets (FEB 2021) (a) The Contractor shall obtain from each person acting as an individual surety on a performance bond or a payment bond— (1) A pledge of assets that meets the eligibility, valuation, and security requirements described in the Federal Acquisition Regulation (FAR) 28.203-1; and (2) Standard Form 28, Affidavit of Individual Surety. (b) The Contracting Officer may release a portion of the security interest on the individual surety's assets based upon substantial performance of the Contractor's obligations under its performance bond. The security interest in support of a performance bond shall be maintained— (1) Contracts for the construction, alteration, or repair of any public building or public work of the Federal Government exceeding $150,000 (40 U.S.C. 3131). Until completion of any warranty period, or for 1 year following final payment, whichever is later. (2) Contracts subject to alternative payment protection (see FAR 28.102-1(b)(1)). For the full contract performance period plus 1 year. (3) Other contracts not subject to the requirements of paragraph (b)(1) of this clause. Until completion of any warranty period, or for 90 days following final payment, whichever is later. (c) A surety's assets pledged in support of a payment bond may be released to a subcontractor or supplier upon Government receipt of a Federal district court judgment, or a sworn statement by the subcontractor or supplier that the claim is correct along with a notarized authorization of the release by the surety stating that it approves of such release. The security interest on the individual surety's assets in support of a payment bond shall be maintained— (1) Contracts for the construction, alteration, or repair of any public building or public work of the Federal Government exceeding $150,000 which require performance and payment bonds (40 U.S

• As prescribed in 28.203-4(b), insert the following clause: Individual Surety—Pledge of Assets (FEB 2021) (a) The Contractor shall obtain from each person acting as an individual surety on a performance bond or a payment bond— (1) A pledge of assets that meets the eligibility, valuation, and security requirements described in the Federal Acquisition Regulation (FAR) 28.203-1; and (2) Standard Form 28, Affidavit of Individual Surety.
• The security interest in support of a performance bond shall be maintained— (1) Contracts for the construction, alteration, or repair of any public building or public work of the Federal Government exceeding $150,000 (40 U.S.C.
• The security interest on the individual surety's assets in support of a payment bond shall be maintained— (1) Contracts for the construction, alteration, or repair of any public building or public work of the Federal Government exceeding $150,000 which require performance and payment bonds (40 U.S.C.
• The Contractor shall comply with the requirements of paragraph (a) of this clause within the timeframe established by the Contracting Officer.