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2022 SESSION
SB 259 Virginia Public Procurement Act; performance and payment bonds.
Introduced by: John J. Bell | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Public Procurement Act; performance and payment bonds. Requires a performance bond and payment bond to be furnished by the contractor for all nontransportation-related public construction contracts that exceed $500,000 and all transportation-related projects that exceed $350,000 and are partially or wholly funded by the Commonwealth. Current law only requires these bonds for certain types of contracts.
SUMMARY AS INTRODUCED:
Virginia Public Procurement Act; performance and payment bonds. Requires a performance bond and payment bond to be furnished by the contractor for all public construction contracts that exceed $500,000. Current law only requires these bonds for certain types of contracts. The bill removes provisions that applied different bond requirements for transportation-related projects.