Public Procurement Act; expands forms of bid, payment, and performance security. (HB426)

Introduced By

Del. Bob Marshall (R-Manassas)

Progress

√
 Introduced
X
 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 that (i) the person acting as the individual surety transacts business only through an insurance agency licensed by the Bureau of Insurance of the State Corporation Commission; (ii) the person acting as the individual surety provides an affidavit of individual surety in a form acceptable to the Department of General Services; and (iii) pledges certain assets in the amount equal to 100 percent of the contract value for the total penal amount of the performance and payment bonds or the penal amount of the bid as required by the bid bond. Amends § 2.2-4338, of the Code of Virginia. View Full Text »

Outcome

Bill Has Failed

History

  • 01/04/2008 Committee
  • 01/04/2008 Prefiled and ordered printed; offered 01/09/08 082346616
  • 01/04/2008 Referred to Committee on General Laws
  • 01/14/2008 Impact statement from DPB (HB426)
  • 02/12/2008 Left in General Laws

Duplicate Bills

The following bills are identical duplicates of this one: HB187.