                                 CODE OF VIRGINIA

ACTION ON PERFORMANCE BOND (§ 2.2-4340)

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: 1982, c. 647, § 11-59; 1996, c. 827; 2001, c. 844; 2020, cc. 496, 497.