Performance and payment bonds.
Richmond, Va., City Code § 21-63
in effectSec. 21-63. - Performance and payment bonds.
(a) Upon the award of any nontransportation-related public construction contract exceeding $500,000.00 awarded to any prime contractor or transportation-related project authorized pursuant to Code of Virginia, Title 33.2, Ch. 2, Art. 2 (Code of Virginia, § 33.2-208 et seq.) exceeding $350,000.00 that is partially or wholly funded by the Commonwealth, the contractor shall furnish to the City the following bonds:
(1) A performance bond in the sum of the contract amount conditioned upon the faithful performance of the contract in strict conformity with the plans, specifications, and conditions of the contract, unless the contract is an indefinite delivery or quantity contract with the City and the City adopts an ordinance pursuant to Code of Virginia, § 2.2-4337(G).
(2) A payment bond in the sum of the contract amount, unless the contract is an indefinite delivery or quantity contract with the City and the City adopts an ordinance pursuant to Code of Virginia, § 2.2-4337(G). The bond shall be for the protection of claimants who have and fulfill contracts to supply labor or materials to the prime contractor to whom the contract was awarded, or to any subcontractors, in furtherance of the work provided for in the contract, and shall be conditioned upon the prompt payment for all materials furnished or labor supplied or performed in the furtherance of the work.
(b) Each of the bonds shall be executed by one or more surety companies selected by the contractor that are authorized to do business in Virginia.
(c) Bonds required for the contracts shall be payable to the City.
(d) Each of the bonds shall be filed with the Director.
(e) Nothing in this section shall preclude the City from requiring payment or performance bonds for construction contracts below $500,000.00 for nontransportation-related projects or $350,000.00 for transportation-related projects authorized under Code of Virginia, Title 33.2, Ch. 2, Art. 2 (Code of Virginia, § 33.2-208 et seq.) and partially or wholly funded by the Commonwealth.
(f) Nothing in this section shall preclude the contractor from requiring each subcontractor to furnish a payment bond with surety thereon in the sum of the full amount of the contract with such subcontractor conditioned upon the payment to all persons who have and fulfill contracts that are directly with the subcontractor for performing labor and furnishing materials in the prosecution of the work provided for in the subcontract.
(Code 1993, § 22.1-57; Code 2004, § 74-67; Code 2015, § 21-63; Code 2020, § 21-63; Ord. No. 2011-79-64, § 1, 4-25-2011; Ord. No. 2016-197, § 1, 9-12-2016; Ord. No. 2017-099, § 1, 6-12-2017)
Source: City of Richmond, Virginia, Code (2026 recodification) and Charter (Municode Library, library.municode.com)URL: https://library.municode.com/va/richmond/codes/code_of_ordinances?nodeId=PTIICICO_CH21PUPR_ARTIICOFOMESOSE_S21-63PEPABOFetched: 11/8/2026