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FAR and DFARS › FAR Part 28: Bonds and Insurance › Subpart 28.2

FAR 28.203-2 Substitution of assets.

The codified text (eCFR, as of 2026-10-02). Under the Revolutionary FAR Overhaul ↗, agencies follow class deviations with new text for many parts while the formal rules go through the Federal Register: check the solicitation and your contract's clauses, which rule.

In plain English

This section explains how an individual surety can ask the Government to swap out an asset that is currently pledged for a bond or guarantee. The contracting officer may allow the substitution only if the new asset is adequate to protect the outstanding bond or guarantee obligations. This matters because it gives individual sureties a process to change pledged assets while ensuring the Government remains protected.

Applies to: Individual sureties on Government bonds or guarantees

What it requires

  • Submit a written request to the responsible contracting officer
  • Include a revised SF 28 with the request

Key terms: individual surety · substitute asset · SF 28 · contracting officer · bond or guarantee obligations

Written by AI from this section's text. A guide, not legal advice: the text below rules.

The text

An individual surety may request the Government to accept a substitute asset for that currently pledged by submitting a written request, including a revised SF 28, to the responsible contracting officer. Following the requirements set forth in 28.203-1, the contracting officer may agree to the substitution of assets upon determining that the substitute assets to be pledged are adequate to protect the outstanding bond or guarantee obligations.

Sections it refers to

  • 28.203-1 Acceptability of individual sureties.

← 28.203-1 Acceptability of individual sureties. · 28.203-3 Release of security interest. →

Rule changes for FAR Part 28

Source: eCFR, 48 CFR chapters 1 and 2 (GPO GovInfo bulk data) ↗. Plain words for the terms: glossary.

FAR 28.203-2 Substitution of assets · SpendQuery