A “bid guarantee” (sometimes referred to as a “bid bond”) is a form of security assuring that the bidder will not withdraw a bid within the period specified for acceptance and will execute a written contract and furnish required bonds, including any necessary coinsurance or reinsurance agreements, within the time specified in the bid, unless a longer time allowed, after receipt of the specified forms (See FAR 28.001).
Source: PNWC’s Government Contracting Update: What are Bid Guarantees?
New Regulation Formalizes Ombudsman Practice and Identity for IDIQ Contracts
An ‘ombudsman’ is an official charged with addressing and/or investigating the interests of individuals’ or companies’
