Public Procurement Act; expands form of bid, payment, and performance security. (HB3065)
Introduced By
Del. Bob Marshall (R-Manassas)
Progress
✓ |
Introduced |
☐ |
Passed Committee |
☐ |
Passed House |
☐ |
Passed Senate |
☐ |
Signed by Governor |
☐ |
Became Law |
Description
Virginia Public Procurement Act; bid, payment, and performance bonds; alternate forms of security. Expands the forms of alternate bid, payment, and performance security that may be used to include a bond provided or executed by an individual surety provided the individual surety (i) provides a security interest in the certain assets at the time the bond is furnished and (ii) pledges certain assets in the amount equal to or greater than the aggregate amounts of the bonds required by the solicitation. "Individual surety" is defined as a person who pledges an asset to secure against loss, damage, or default, as distinguished from a business entity. Read the Bill »
Outcome
Bill Has Failed
History
Date | Action |
---|---|
01/15/2007 | Committee |
01/15/2007 | Presented and ordered printed 071530396 |
01/15/2007 | Referred to Committee on General Laws |
01/17/2007 | Assigned GL sub: #2 FOIA/Procurement (Marshall, D.) |
01/29/2007 | Impact statement from DPB (HB3065) |