                                 CODE OF VIRGINIA

ALTERNATIVE FORMS OF SECURITY (§ 2.2-4338)

A. In lieu of a bid, payment, or performance bond, a bidder may furnish a
certified check, cashier&#8217;s check, or cash escrow in the face amount
required for the bond.

B. If approved by the Attorney General in the case of state agencies, or the
attorney for the political subdivision in the case of political subdivisions, a
bidder may furnish a personal bond, property bond, or bank or savings
institution&#8217;s letter of credit on certain designated funds in the face
amount required for the bid, payment, or performance bond. Approval shall be
granted only upon a determination that the alternative form of security
proffered affords protection to the public body equivalent to a corporate
surety&#8217;s bond.

C. The provisions of this section shall not apply to the Department of
Transportation.

HISTORY: 1982, c. 647, § 11-61; 1989, c. 260; 1991, c. 574; 1992, c. 765; 1996,
cc. 77, 827; 2001, c. 844; 2013, c. 141.