On 03/07/2008, the state of Virginia enacted HB 137/HB 354/SB 356. The new laws eliminated the mandatory surety bond that the Board of Education required regarding contracts with publishers of school textbooks. The bond could not be less than $1,000 and not above $20,000. The required bond was conditioned upon the publisher’s compliance of the terms & conditions of the contract and payment of any liquidated damages that are shown to be a direct result of contract violation.
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Virginia Publisher’s School Textbook Bond Requirement Abolished
August 31, 2009 by Eric WeisbrotDiscuss: Comments (0)
Category: Commercial Bonds, Surety News
Tags: bond requirements, legislation, publisher bond, school textbook bond, surety bond, va, virginia
