Code of Virginia

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Code of Virginia
Title 2.2. Administration of Government
Chapter 43. Virginia Public Procurement Act
5/6/2021

§ 2.2-4340. Action on performance bond.

No action against the surety on a performance bond shall be brought unless within five years after completion of the contract. For the purposes of this section, completion of the contract is the final payment to the contractor pursuant to the terms of the contract. However, if a final certificate of occupancy, or written final acceptance of the project, is issued prior to final payment, the five-year period to bring an action shall commence no later than 12 months from the date of the certificate of occupancy or written final acceptance of the project.

1982, c. 647, § 11-59; 1996, c. 827; 2001, c. 844; 2020, cc. 496, 497.

The chapters of the acts of assembly referenced in the historical citation at the end of this section may not constitute a comprehensive list of such chapters and may exclude chapters whose provisions have expired.