Virginia Publisher's School Textbook Bond Requirement Abolished

VirginiaOn 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.