Virginia Public Procurement Act; statute of limitations on actions on construction contracts. (HB1300)

Introduced By

Del. Chris Hurst (D-Blacksburg) with support from co-patron Del. Terry Kilgore (R-Gate City)

Description

Virginia Public Procurement Act; statute of limitations on performance bonds; statute of limitations on construction contracts and architectural and engineering contracts. Provides that an action against the surety on a performance bond shall be brought within five years after the completion of the contract. The bill further provides that the statute of limitations on construction contracts and architectural and engineering contracts is 15 years after completion of the contract. The bill specifies that completion of the contract is the final payment to the contractor pursuant to the terms of the contract, but that if a final certificate of occupancy or written final acceptance of the project is issued prior to final payment, the period to bring an action shall commence no later than 12 months from the date of the certificate of occupancy or written final acceptance of the project. This bill incorporates HB 847 and is identical to SB 607. Read the Bill »

Outcome

History