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

DateAction
01/15/2007Committee
01/15/2007Presented and ordered printed 071530396
01/15/2007Referred to Committee on General Laws
01/17/2007Assigned GL sub: #2 FOIA/Procurement (Marshall, D.)
01/29/2007Impact statement from DPB (HB3065)