A. Upon the award of any (i) public construction contract exceeding $100,000awarded to any prime contractor; (ii) construction contract exceeding$100,000 awarded to any prime contractor requiring the performance of laboror the furnishing of materials for buildings, structures or otherimprovements to real property owned or leased by a public body; (iii)construction contract exceeding $100,000 in which the performance of labor orthe furnishing of materials will be paid with public funds; or (iv)transportation-related projects exceeding $250,000 that are partially orwholly funded by the Commonwealth, the contractor shall furnish to the publicbody the following bonds:
1. A performance bond in the sum of the contract amount conditioned upon thefaithful performance of the contract in strict conformity with the plans,specifications and conditions of the contract. For transportation-relatedprojects authorized under § 33.1-12, such bond shall be in a form and amountsatisfactory to the public body.
2. A payment bond in the sum of the contract amount. The bond shall be forthe protection of claimants who have and fulfill contracts to supply labor ormaterials to the prime contractor to whom the contract was awarded, or to anysubcontractors, in furtherance of the work provided for in the contract, andshall be conditioned upon the prompt payment for all materials furnished orlabor supplied or performed in the furtherance of the work. Fortransportation-related projects authorized under § 33.1-12 and partially orwholly funded by the Commonwealth, such bond shall be in a form and amountsatisfactory to the public body.
"Labor or materials" shall include public utility services and reasonablerentals of equipment, but only for periods when the equipment rented isactually used at the site.
B. Each of the bonds shall be executed by one or more surety companiesselected by the contractor that are authorized to do business in Virginia.
C. If the public body is the Commonwealth, or any agency or institutionthereof, the bonds shall be payable to the Commonwealth of Virginia, namingalso the agency or institution thereof. Bonds required for the contracts ofother public bodies shall be payable to such public body.
D. Each of the bonds shall be filed with the public body that awarded thecontract, or a designated office or official thereof.
E. Nothing in this section shall preclude a public body from requiringpayment or performance bonds for construction contracts below $100,000 fornontransportation-related projects or $250,000 for transportation-relatedprojects authorized under § 33.1-12 and partially or wholly funded by theCommonwealth.
F. Nothing in this section shall preclude the contractor from requiring eachsubcontractor to furnish a payment bond with surety thereon in the sum of thefull amount of the contract with such subcontractor conditioned upon thepayment to all persons who have and fulfill contracts that are directly withthe subcontractor for performing labor and furnishing materials in theprosecution of the work provided for in the subcontract.
(1982, c. 647, § 11-58; 1984, c. 160; 2001, c. 844; 2002, cc. 556, 643, 682;2006, cc. 694, 925.)
A. Upon the award of any (i) public construction contract exceeding $100,000awarded to any prime contractor; (ii) construction contract exceeding$100,000 awarded to any prime contractor requiring the performance of laboror the furnishing of materials for buildings, structures or otherimprovements to real property owned or leased by a public body; (iii)construction contract exceeding $100,000 in which the performance of labor orthe furnishing of materials will be paid with public funds; or (iv)transportation-related projects exceeding $250,000 that are partially orwholly funded by the Commonwealth, the contractor shall furnish to the publicbody the following bonds:
1. A performance bond in the sum of the contract amount conditioned upon thefaithful performance of the contract in strict conformity with the plans,specifications and conditions of the contract. For transportation-relatedprojects authorized under § 33.1-12, such bond shall be in a form and amountsatisfactory to the public body.
2. A payment bond in the sum of the contract amount. The bond shall be forthe protection of claimants who have and fulfill contracts to supply labor ormaterials to the prime contractor to whom the contract was awarded, or to anysubcontractors, in furtherance of the work provided for in the contract, andshall be conditioned upon the prompt payment for all materials furnished orlabor supplied or performed in the furtherance of the work. Fortransportation-related projects authorized under § 33.1-12 and partially orwholly funded by the Commonwealth, such bond shall be in a form and amountsatisfactory to the public body.
"Labor or materials" shall include public utility services and reasonablerentals of equipment, but only for periods when the equipment rented isactually used at the site.
B. Each of the bonds shall be executed by one or more surety companiesselected by the contractor that are authorized to do business in Virginia.
C. If the public body is the Commonwealth, or any agency or institutionthereof, the bonds shall be payable to the Commonwealth of Virginia, namingalso the agency or institution thereof. Bonds required for the contracts ofother public bodies shall be payable to such public body.
D. Each of the bonds shall be filed with the public body that awarded thecontract, or a designated office or official thereof.
E. Nothing in this section shall preclude a public body from requiringpayment or performance bonds for construction contracts below $100,000 fornontransportation-related projects or $250,000 for transportation-relatedprojects authorized under § 33.1-12 and partially or wholly funded by theCommonwealth.
F. Nothing in this section shall preclude the contractor from requiring eachsubcontractor to furnish a payment bond with surety thereon in the sum of thefull amount of the contract with such subcontractor conditioned upon thepayment to all persons who have and fulfill contracts that are directly withthe subcontractor for performing labor and furnishing materials in theprosecution of the work provided for in the subcontract.
(1982, c. 647, § 11-58; 1984, c. 160; 2001, c. 844; 2002, cc. 556, 643, 682;2006, cc. 694, 925.)
A. Upon the award of any (i) public construction contract exceeding $100,000awarded to any prime contractor; (ii) construction contract exceeding$100,000 awarded to any prime contractor requiring the performance of laboror the furnishing of materials for buildings, structures or otherimprovements to real property owned or leased by a public body; (iii)construction contract exceeding $100,000 in which the performance of labor orthe furnishing of materials will be paid with public funds; or (iv)transportation-related projects exceeding $250,000 that are partially orwholly funded by the Commonwealth, the contractor shall furnish to the publicbody the following bonds:
1. A performance bond in the sum of the contract amount conditioned upon thefaithful performance of the contract in strict conformity with the plans,specifications and conditions of the contract. For transportation-relatedprojects authorized under § 33.1-12, such bond shall be in a form and amountsatisfactory to the public body.
2. A payment bond in the sum of the contract amount. The bond shall be forthe protection of claimants who have and fulfill contracts to supply labor ormaterials to the prime contractor to whom the contract was awarded, or to anysubcontractors, in furtherance of the work provided for in the contract, andshall be conditioned upon the prompt payment for all materials furnished orlabor supplied or performed in the furtherance of the work. Fortransportation-related projects authorized under § 33.1-12 and partially orwholly funded by the Commonwealth, such bond shall be in a form and amountsatisfactory to the public body.
"Labor or materials" shall include public utility services and reasonablerentals of equipment, but only for periods when the equipment rented isactually used at the site.
B. Each of the bonds shall be executed by one or more surety companiesselected by the contractor that are authorized to do business in Virginia.
C. If the public body is the Commonwealth, or any agency or institutionthereof, the bonds shall be payable to the Commonwealth of Virginia, namingalso the agency or institution thereof. Bonds required for the contracts ofother public bodies shall be payable to such public body.
D. Each of the bonds shall be filed with the public body that awarded thecontract, or a designated office or official thereof.
E. Nothing in this section shall preclude a public body from requiringpayment or performance bonds for construction contracts below $100,000 fornontransportation-related projects or $250,000 for transportation-relatedprojects authorized under § 33.1-12 and partially or wholly funded by theCommonwealth.
F. Nothing in this section shall preclude the contractor from requiring eachsubcontractor to furnish a payment bond with surety thereon in the sum of thefull amount of the contract with such subcontractor conditioned upon thepayment to all persons who have and fulfill contracts that are directly withthe subcontractor for performing labor and furnishing materials in theprosecution of the work provided for in the subcontract.
(1982, c. 647, § 11-58; 1984, c. 160; 2001, c. 844; 2002, cc. 556, 643, 682;2006, cc. 694, 925.)
