Section 102-38.240 - [Effective 10/21/2024] What happens to the deposit bond if the bidder defaults or wants to withdraw their bid?(a) When a bid deposit is secured by a deposit bond and the bidder defaults, you must issue a notice of default to the bidder and the surety company.(b) When a bid deposit is secured by a deposit bond and the bidder wants to withdraw their bid, you should return the deposit bond to the bidder.