Month: August 2012

2012 Virginia Payment Bond Changes

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08/13/2012Lowenstein, Neil S.

VIRGINIA PAYMENT BOND CHANGES 2012 In 2011, the Virginia legislature increased the minimum contract amounts for which payment bonds are required. As a result of the changes, no payment bonds are required for state or municipal contracts under $500,000 or for transportation related projects (i.e., VODT projects) under $250,000. This means that subcontractors and vendors… Read more »