No bid shall be entertained that is not accompanied by a bond with sureties in an amount equal to five per centum of the bid or that exceeds the estimated cost of the work to be awarded to a contractor.
Va. Code Ann. § 21-350
Bond to accompany bid
Code 1919, § 1761; 1926, p. 616.
Official source: Virginia Law Portal (LIS). Reproduced from public-domain Virginia statutes; confirm against the official source for the current text. Not legal advice.