Liquid/vapor bypass valve

Bypass valve assembly that selectively establishes a bypass path for a fluid delivery system and having a body member with a fluid inlet and a bypass fluid outlet, a slidable piston assembly and a slidable cage assembly. Spring members bias the piston assembly and the cage assembly to a closed position to prevent fluid flow from the fluid inlet to the bypass fluid outlet when the delivery pressure is between an upper first threshold pressure value and a lower second threshold pressure value. When the delivery system pressure exceeds the first threshold pressure value, the piston assembly is moved to a first open position that permits fluid flow to the bypass fluid outlet; and when the delivery system pressure is less than the second threshold pressure value, the piston assembly is moved to a second open position to permit fluid flow to the bypass fluid outlet.