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2012 SESSION
HB 945 Virginia Public Procurement Act; performance and payment bonds on transportation-related projects.
Introduced by: Ronald A. Villanueva | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED HOUSE:
Public Procurement; performance and payment bonds on transportation-related projects. Raises from $250,000 to $350,000 the contract amount for which performance and payment bonds are required on transportation-related projects partially or wholly funded by the Commonwealth. The bill further provides that for such projects valued in excess of $250,000 but less than $350,000, the payment and performance bond can only be waived by a public body if the bid is accompanied by evidence that a surety company has declined an application from the contractor for a bid bond. The bill requires the Commissioner of Highways and the Department of the Treasury to establish a prequalification program that is agreeable to both agencies, pursuant to the Department of the Treasury, Division of Risk Management, VaWorks Program (self-bonding program). The bill further provides that prospective bidders for transportation-related construction projects that are valued in excess of $250,000 but less than $350,000 who have submitted evidence of denial of a bid bond shall participate in the prequalification program agreed to by the Commissioner of Highways and the Department of the Treasury. The bill requires the Virginia Department of Transportation to report by December 1 of each year to the Chairmen of the House Committee on General Laws and the Senate Committee on Transportation (i) the number of companies that were unable to procure a bid bond, (ii) the number of waivers granted by the Department, and (iii) the number of companies that were enrolled in any Department of the Treasury, Division of Risk Management self-bonding program for Department projects.
SUMMARY AS INTRODUCED:
Procurement; performance and payment bonds on transportation-related projects. Raises from $250,000 to $500,000 the contract amount for which performance and payment bonds are required on transportation-related projects partially or wholly funded by the Commonwealth.