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Code of Virginia (Last Updated:July 28, 2020) |
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TITLE 33.2. Highways and Other Surface Transportation Systems |
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SUBTITLE I. General Provisions and Transportation Entities |
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CHAPTER 2. Transportation Entities |
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ARTICLE 4. Department of Transportation |
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SECTION 33.2-268. Contractor performance bonds for locally administered transportation improvement projects |
SECTION 33.2-268. Contractor performance bonds for locally administered transportation improvement projects
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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'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's obligation to either or both obligees. |