As used in this part-
Attorney-in-fact means an agent, independent agent, underwriter, or any other company or individual holding a power of attorney granted by a surety (see also power of attorney at 2.101).
Bid means any response to a solicitation, including a proposal under a negotiated acquisition. See the definition of "offer" at 2.101.
Bidder means any entity that is responding or has responded to a solicitation, including an offeror under a negotiated acquisition.
Bid guarantee means a form of security assuring that the bidder
Bond means a written instrument executed by a bidder or contractor (the "principal"), and a second party ("the surety" or "sureties") (except as provided in 28.204), to assure fulfillment of the principal's obligations to a third party (the "obligee" or "Government"), identified in the bond. If the principal's obligations are not met, the bond assures payment, to the extent stipulated, of any loss sustained by the obligee. The types of bonds and related documents are as follows:
Consent of surety means an acknowledgment by a surety that its bond given in connection with a contract continues to apply to the contract as modified.
Penal sum or penal amount means the amount of money specified in a bond (or a percentage of the bid price in a bid bond) as the maximum payment for which the surety is obligated or the amount of security required to be pledged to the Government in lieu of a corporate or individual surety for the bond.
Reinsurance means a transaction which provides that a surety, for a consideration, agrees to indemnify another surety against loss which the latter may sustain under a bond which it has issued.
48 C.F.R. §28.001