33.1-223.2:22 - Contractor performance bonds for locally administered transportation improvement projects - Virginia Statutes

§ 33.1-223.2:22. Contractor performance bonds for locally administeredtransportation improvement projects.

Whenever any county, city, or town undertakes administration of atransportation improvement project and obtains, in connection therewith,contractor performance bonds that include the Virginia Department ofTransportation as a dual obligee, the amount of such bonds shall be nogreater than would have been required had the Department not been included asa dual obligee. The surety's obligation to the Department shall be no greaterthan its obligation to the county, city, or town administering the project,and the amount of the bond is the limit of the surety's obligation to eitheror both obligees.

(2009, c. 395.)