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2008 SESSION

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HB 187 Public Procurement Act; expands forms of bid, payment, and performance security.

Introduced by: Robert G. Marshall | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Virginia Public Procurement Act; bid, payment, and performance bonds; alternate forms of security. Expands the forms of alternate bid, payment, and performance security that may be used to include a bond provided or executed by an individual surety provided that (i) the person acting as the individual surety transacts business only through an insurance agency licensed by the Bureau of Insurance of the State Corporation Commission; (ii) the person acting as the individual surety provides an affidavit of individual surety in a form acceptable to the Department of General Services; and (iii) pledges certain assets in the amount equal to 100 percent of the contract value for the total penal amount of the performance and payment bonds or the penal amount of the bid as required by the bid bond.

FULL TEXT

• 12/26/07  House: Prefiled and ordered printed; offered 01/09/08 082349616  pdf | impact statement

HISTORY

• 12/26/07  House: Prefiled and ordered printed; offered 01/09/08 082349616
• 12/26/07  House: Referred to Committee on General Laws
• 02/12/08  House: Left in General Laws