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2006 SESSION

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HB 1259 Public Procurement Act; contractors responsibility for performance and payment bonds.

Introduced by: William R. Janis | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Public Procurement Act; performance and payment bonds.  Adds a provision that for the award of any construction contract exceeding $100,000 in which the performance of labor or the furnishing of materials will be paid with public funds, the contractor must furnish to the public body performance and payment bonds. In addition, the bill provides that performance and payment bonds are required for construction contracts exceeding $100,000 awarded to any prime contractor requiring the performance of labor or the furnishing of materials for buildings, structures, or other improvements to real property leased by a public body. 


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