                                 CODE OF VIRGINIA

CONTRACTOR PERFORMANCE BONDS FOR LOCALLY ADMINISTERED TRANSPORTATION IMPROVEMENT
PROJECTS (§ 33.2-268)

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&#8217;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&#8217;s obligation to either or
both obligees.

HISTORY: 2009, c. 395, § 33.1-223.2:22; 2014, c. 805.