This page is intended to help contracting officers and procurement personnel quickly distinguish between corporate surety review and individual surety review. A submission involving individual surety and pledged eligible assets should not be rejected merely because the surety is not listed as a corporate surety on Treasury Circular 570. Corporate sureties and individual sureties are evaluated under different FAR provisions.
Corporate surety review generally focuses on whether the surety company appears on Treasury Circular 570 under FAR 28.202. Individual surety review is governed separately by FAR 28.203 and requires review of the individual surety, SF 28, pledged eligible assets, net adjusted value, security interest, and Treasury collateral eligibility/valuation process.
| Topic | Reference |
|---|---|
| Acceptable security includes corporate or individual sureties | FAR 28.201 |
| Corporate surety acceptability / Treasury Circular 570 | FAR 28.202 |
| Individual surety requirements | FAR 28.203 |
| Acceptability of individual sureties | FAR 28.203-1 |
| Substitution of assets | FAR 28.203-2 |
| Release of security interest | FAR 28.203-3 |
| Solicitation provision and contract clause | FAR 28.203-4 |
| Exclusion of individual sureties | FAR 28.203-5 |
| Bid Bond form | SF 24 |
| Performance Bond form | SF 25 |
| Payment Bond form | SF 25A |
| Continuation Sheet | SF 25B |
| Affidavit of Individual Surety | SF 28 |
Identify whether the bond is submitted as corporate surety, individual surety, or other acceptable security.
If corporate surety, review under FAR 28.202 and Treasury Circular 570.
If individual surety, review under FAR 28.203 and SF 28.
Confirm that the individual surety has executed the required bond.
Confirm that SF 28 has been completed.
Confirm pledged assets and collateral documentation.
Confirm net adjusted value relative to the penal sum.
Confirm Treasury collateral eligibility and valuation process.
Confirm security interest and custody requirements.
Confirm that the individual surety is not excluded or otherwise disqualified.
"This bond package is submitted for review as an individual surety / pledged-asset submission. It should be evaluated under FAR 28.203 and related individual surety requirements, not solely under the Treasury Circular 570 corporate surety framework."