§ 2.2-4340 Action on performance bond
No action against the surety on a performance bond shall be brought unless within five years after completion of the contract. For the purposes of this section, completion of the contract is the final payment to the contractor pursuant to the terms of the contract. However, if a final certificate of occupancy, or written final acceptance of the project, is issued prior to final payment, the five-year 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.
History
This law was first created in 1982. The record of its establishment is cataloged in chapter 647 of that year’s edition of “Acts of Assembly,” the annual state publication listing all changes made to the Code of Virginia in that year. Unfortunately, the 1982 “Acts” aren’t available online. It has been modified 3 times. Those modifications are cataloged by “The Acts of Assembly,” a state publication, by year and chapter. Those modifications that can be read on the General Assembly’s website will be linked accordingly. Those modifications are as follows: in 1996, chapter 827; in 2001, chapter 844; in 2020, chapters 496 and 497.
1982, c. 647, § 11-59; 1996, c. 827; 2001, c. 844; 2020, cc. 496, 497.