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
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 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. Amends § 2.2-4338, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 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)