SB258:

Virginia Public Procurement Act; bid bonds, construction contracts.

Bill Summary:

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.