As of July 7, 2017, West Virginia requires The Disclosure of Interested Parties to Contracts.
Passed by the State of Virginia on April 8, 2017, House Bill 2001 requires completion of the Disclosure of Interested Parties to Contracts. This amendment requires businesses file the form if planning to enter a contract(s) at a value of $100,000 or more. It must reflect any new or differing interested parties within 30 days following the completion or termination of the contract.
What is considered an “Interested Party”?
- A business entity performing work or service furthering the applicable contract, specifically including sub-contractors.
- The person(s) who have an ownership interest equal to or greater than 25% in the business. This person(s) performs work that furthers the applicable contract.
- A compensated broker or intermediary actively facilitating the applicable contract or negotiating the terms of the applicable contract with the state agency.
The Disclosure of Interested Parties to Contract: essentially another form of surety.
The new requirement ensures trust between the government and businesses. Similarly, the Wage Payment Collection Bond ensures trust between businesses and their employees. The West Virginia Wage Payment and Collection Act requires every employer, person, firm, or corporation engaged in construction work to have a bond. The bond ensures the employer will pay the wages and fringe benefits of their employees when due .
[1. West Virginia Ethics Commission. Retrieved from http://www.ethics.wv.gov/SiteCollectionDocuments/W.%20Va.%20Code%206D-1-1%20through%206D-1-4.pdf]
[2. West Virginia Division of Labor Contractor Licensing http://www.wvlabor.com/newwebsite/Pages/contractor_licensing_forms.html]