Virginia Public Procurement Act; bid, performance, and payment bonds, waiver by localities.

Authorizes a locality, where the bid, performance, and payment bond requirements are waived, to waive the requirement for prequalification for a bidder or contractor with a current Class A contractor license for nontransportation-related construction contracts in excess of $100,000 but less than $300,000 upon a written determination made in advance by the local governing body that waiving the requirement is in the best interests of the locality. The bill prohibits localities from entering into more than 10 such contracts per year in which the bidder or contractor's prequalification requirement has been waived. The bill contains technical amendments.