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Virginia Guarantee of Performance (if applicable)

Category:
Secretary of State - Blue Sky - Securities and Franchising
State:
Virginia
Control #:
VA-SOS-F
Format:
PDF
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Description

Guarantee of Performance (if applicable)
The Virginia Guarantee of Performance (VIP) is a program established by the Virginia General Assembly to encourage the development of quality housing in the Commonwealth of Virginia. It is administered by the Virginia Housing Development Authority (VEDA) and provides an incentive to developers of multi-family housing projects to ensure the quality of their construction and management of the projects. The program is available for both new construction and existing multi-family housing projects that meet certain criteria. Under the VIP, developers must meet quality standards for construction, management, and tenant services. These standards include requirements related to construction quality, energy efficiency, tenant services, and property management. Compliance with these standards is monitored by VEDA staff and certified by third-party inspectors. The VIP is available in two types: the Standard VIP and the Enhanced VIP. The Standard VIP is available for projects with at least 15 units and provides a 10-year guarantee of performance. The Enhanced VIP is available for projects with at least 25 units and provides a 15-year guarantee of performance. Both types of VIP are designed to ensure that housing projects remain safe and affordable for Virginia’s residents.

The Virginia Guarantee of Performance (VIP) is a program established by the Virginia General Assembly to encourage the development of quality housing in the Commonwealth of Virginia. It is administered by the Virginia Housing Development Authority (VEDA) and provides an incentive to developers of multi-family housing projects to ensure the quality of their construction and management of the projects. The program is available for both new construction and existing multi-family housing projects that meet certain criteria. Under the VIP, developers must meet quality standards for construction, management, and tenant services. These standards include requirements related to construction quality, energy efficiency, tenant services, and property management. Compliance with these standards is monitored by VEDA staff and certified by third-party inspectors. The VIP is available in two types: the Standard VIP and the Enhanced VIP. The Standard VIP is available for projects with at least 15 units and provides a 10-year guarantee of performance. The Enhanced VIP is available for projects with at least 25 units and provides a 15-year guarantee of performance. Both types of VIP are designed to ensure that housing projects remain safe and affordable for Virginia’s residents.

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FAQ

Buyer's right to specific performance or detinue. (1) Specific performance may be decreed where the goods are unique or in other proper circumstances. (2) The decree for specific performance may include such terms and conditions as to payment of the price, damages, or other relief as the court may deem just.

No law-enforcement officer shall stop a motor vehicle due to an expired registration sticker prior to the first day of the fourth month after the original expiration date.

The energy performance contractor shall be liable for any annual savings shortfall that may occur.

A specific performance clause is part of a contract that calls for the party that breaches a contract to fulfill the terms of the contract (as opposed to paying a monetary penalty). Specific performance clauses are used primarily in cases where a monetary award would not be sufficient.

An order of specific performance is generally not granted if any of the following is true: Specific performance would cause severe hardship to the defendant. The contract was unconscionable.

Requirements for Specific Performance For a court to award specific performance as a remedy, several conditions must be met: A valid and binding contract must be in place. Monetary damages must be inadequate. Mutual obligation must be present, meaning both parties had duties to the other under the contract.

(1) Specific performance may be decreed where the goods are unique or in other proper circumstances. (2) The decree for specific performance may include such terms and conditions as to payment of the price, damages, or other relief as the court may deem just.

1. A performance bond in the sum of the contract amount conditioned upon the faithful performance of the contract in strict conformity with the plans, specifications, and conditions of the contract.

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More info

A performance bond is issued to one party of a contract as a guarantee against the failure of the other party to meet obligations in the contract. A performance guarantee agreement is a contract between a company and client that determines performance expectations and guarantees they will be met.A performance guarantee agreement guarantees that the Obligor (the contractor) will perform according to the terms of the contract. Community Development staff will forward it to the Town Attorney and the Town Manager for review and advise the applicant if any revisions are necessary. Performance bonds guarantee that contractors fulfill the obligations of an agreed-upon contract. Learn how these construction bonds work from the experts! (a) Excess Contract or bond amount. The total Contract or Order amount at the time of Execution of the bond exceeds the Applicable Statutory Limit (see § 115. The associated liquidated damages applicable if the guaranteed values are not met. Contractors should provide performance guarantees or warranties if they can control that risk within the delivery method being used.

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