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HB 2017 Virginia Public Procurement Act; bid, performance, and payment bonds, waiver by localities.
SUMMARY AS PASSED: (all summaries)
Virginia Public Procurement Act; bid, performance, and payment bonds; waiver by localities. Authorizes a locality to waive bid bonds for nontransportation-related construction contracts in excess of $100,000 but less than $500,000, and performance and payment bonds for nontransportation-related construction contracts in excess of $100,000 but less than $300,000, without having to undertake a prequalification process for bidders with a current Class A contractor license. The bill prohibits localities from entering into more than 10 nontransportation-related construction contracts per year in which either the bid bond or the performance and payment bonds and the prequalification requirement have been waived and in which the contract amount is in excess of $100,000 but less than $300,000. The bill contains technical amendments. The bill has an expiration date of July 1, 2021.