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2022 SESSION
SB 258 Virginia Public Procurement Act; bid bonds, construction contracts.
Introduced by: John J. Bell | all patrons ... notes | add to my profiles | history
SUMMARY AS PASSED:
Virginia Public Procurement Act; bid bonds; certain transportation-related contracts. Provides that, except in cases of emergency, all bids and proposals for certain transportation-related contracts in excess of $350,000 and partially or wholly funded by the Commonwealth shall be accompanied by a bid bond. Current law sets the bid or proposal amount for such contracts at $250,000.
SUMMARY AS INTRODUCED:
Virginia Public Procurement Act; bid bonds; construction contracts. Provides that, except in cases of emergency, all bids and proposals for construction contracts in excess of $500,000 shall be accompanied by a bid bond. Current law excludes certain transportation-related projects from this bond requirement.