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2011 SESSION

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HB 1951 Public Procurement Act; raises minimum contract amount required for bid, performance, etc.

Introduced by: Ronald A. Villanueva | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Virginia Public Procurement Act; bid, performance, and payment bonds.  Raises the minimum contract amount required for bid, performance, or payment bonds from $100,000 to $500,000 for nontransportation-related construction projects. The bill provides that for nontransportation-related construction projects between $100,000 and $500,000 where the bond requirements are waived, the prospective contractors must be prequalified. The amount ($250,000) for transportation-related projects partially or wholly funded by the Commonwealth, however, remains the same.

SUMMARY AS PASSED HOUSE:

Virginia Public Procurement Act; bid, performance, and payment bonds.  Raises the minimum contract amount required for bid, performance, or payment bonds to from $100,000 to $500,000 for nontransportation related construction projects. The bill provides that for nontransportation related construction projects between $100,000 and $500,000 where the bond requirements are waived, the prospective contractors must be prequalified. The amount ($250,000) for transportation-related projects partially or wholly funded by the Commonwealth, however, remains the same.

SUMMARY AS INTRODUCED:

Virginia Public Procurement Act; bid, performance, and payment bonds.  Raises the minimum contract amount required for bid, performance, or payment bonds to $1 million. Currently the minimum contract amounts are generally $100,000 for nontransportation-related construction contracts and $250,000 for transportation-related projects partially or wholly funded by the Commonwealth.