2.2-4338 - Alternative forms of security. - Virginia Statutes

§ 2.2-4338. Alternative forms of security.

A. In lieu of a bid, payment, or performance bond, a bidder may furnish acertified check or cash escrow in the face amount required for the bond.

B. If approved by the Attorney General in the case of state agencies, or theattorney for the political subdivision in the case of political subdivisions,a bidder may furnish a personal bond, property bond, or bank or savingsinstitution's letter of credit on certain designated funds in the face amountrequired for the bid, payment or performance bond. Approval shall be grantedonly upon a determination that the alternative form of security profferedaffords protection to the public body equivalent to a corporate surety's bond.

C. The provisions of this section shall not apply to the Department ofTransportation.

(1982, c. 647, § 11-61; 1989, c. 260; 1991, c. 574; 1992, c. 765; 1996, cc.77, 827; 2001, c. 844.)