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Bond Legislation Changes for OR, VA Contractors

Wednesday, January 24, 2018

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New rules involving surety bond requirements for contractors in Oregon and Virginia are in full swing after legislation changed last year.

What Changed?

New legislation in Virginia—Senate Bill 113—gives Class A and B contractors the option to post a surety bond to serve as proof of financial stability, instead of having to satisfy the minimum net work requirement.

© iStock.com / simpson33

New rules for contractors in Oregon and Virginia are in full swing after legislation changed last year.

In Virginia, Class A contractors are classified as such if they handle a single contract valued at $120,000 or more or if the value of all contracts in a 12-month period totals $750,000 or more. Class B contractors handle a single contract valued between $10,000 and $120,000 or total contracts valued between $150,000 and $750,000.

Typically, Class B contractors must be able to show a minimum net worth of $15,000, and Class A contractors must show a minimum net worth of $45,000. However, this legislation allows them to post a $50,000 surety bond instead, reducing their financial burden.

In Oregon, surety bond requirements for public works projects were introduced in Senate Bill 416. All contractors and subcontractors working on public works projects with a total cost over $100,000 are required to post a $30,000 surety bond, which is intended to guarantee that those contractors will pay any outstanding wages to laborers who work on those projects.

One bond satisfies all qualifying projects and there are a few exemptions, including if the contractor qualifies as a disadvantaged, minority, woman, service-disabled veteran or emerging small business. (That exemption lasts up to four years.) There are also exemptions for emergencies.

   

Tagged categories: Contractors; Government; Laws and litigation; Subcontractors

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