9 Va. Admin. Code § 25-640-100 - Surety bond
A. An operator may
satisfy the requirements of
9VAC25-640-50 by obtaining a surety
bond that conforms to the requirements of this section. The surety company
issuing the bond shall be licensed to operate as a surety in the Commonwealth
of Virginia and be among those listed as acceptable sureties on federal bonds
in the latest Circular 570 of the U.S. Department of the Treasury.
B. The surety bond shall be worded
identically as specified in Appendix V, except that instructions in brackets
shall be replaced with the relevant information and the brackets
deleted.
C. Under the terms of the
bond, the surety will become liable on the bond obligation when the operator
fails to perform as guaranteed by the bond. In all cases, the surety's
liability is limited to the per-occurrence and annual aggregate penal
sums.
Notes
Statutory Authority
§§ 62.1-44.15 and 62.1-44.34:16 of the Code of Virginia.
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