In 2022, the General Assembly enacted significant changes to Virginia Code §§ 2.2-4347, 2.2-4354 and 11-4.6 that mandated prompt payment by owners, contractors and subcontractors on public and private construction projects...more
6/29/2023
/ Amended Legislation ,
Construction Industry ,
Construction Project ,
Contractors ,
Effective Date ,
General Contractors ,
Payment Schedules ,
Payment Terms ,
Prompt Payment ,
Public Projects ,
State Contractors ,
Subcontractors
On April 27, 2022, the Virginia General Assembly passed Senate Bill 550, which makes “pay when paid” and “pay if paid” clauses unenforceable in most circumstances and requires both public and private construction contracts to...more
5/5/2022
/ Construction Contracts ,
Construction Industry ,
Contract Terms ,
General Contractors ,
New Legislation ,
Pay When Paid ,
Prime Contractor ,
Private Sector ,
Public Projects ,
Subcontractors ,
Subcontracts