§ 33.2-268 Contractor performance bonds for locally administered transportation improvement projects
Whenever any locality undertakes administration of a transportation improvement project and obtains, in connection therewith, contractor performance bonds that include the Department as a dual obligee, the amount of such bonds shall be no greater than would have been required had the Department not been included as a dual obligee. The surety’s obligation to the Department shall be no greater than its obligation to the locality administering the project, and the amount of the bond is the limit of the surety’s obligation to either or both obligees.
History
This law was first created in 2009. The record of its establishment is cataloged in chapter 395 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. It has been modified 1 time. 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. That modification is as follows: in 2014, chapter 805.
2009, c. 395, § 33.1-223.2:22; 2014, c. 805.