§ 21-51. Bonds for other than construction contracts.

(a)

At the discretion of the Director, bidders may be required to submit with their bids a bid bond from a surety company selected by the bidder that is authorized to do business in the State, or a certified check, in an amount to be determined by the Director and specified in the invitation for bids, which shall be forfeited to the City upon the bidder's failure to execute a contract awarded to the bidder or upon the bidder's failure to furnish any required performance or payment bonds in connection with a contract awarded.

(b)

The Director may require successful bidders to furnish a performance bond or a payment bond, or both, from a surety company selected by the bidder that is authorized to do business in the State at the expense of the successful bidder, in amounts to be determined by the Director and specified in the invitation for bids, to ensure the satisfactory completion of the work for which a contract or purchase order is awarded.

(Code 1993, § 22.1-46; Code 2004, § 74-55)

State Law reference— Similar provisions, Code of Virginia, § 2.2-4339.

(Code 1993, § 22.1-46; Code 2004, § 74-55)

State law reference

Similar provisions, Code of Virginia, § 2.2-4339.