SB259:

Virginia Public Procurement Act; performance and payment bonds.

Bill Summary:

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.