Virginia Code 59.1-362: Reasonableness and good faith
Current as of: 2023 | Check for updates
|
Other versions
A. Every agreement entered into under this chapter shall impose on the parties the obligation to act in good faith.
Terms Used In Virginia Code 59.1-362
- Agreement: means a commercial relationship, not required to be evidenced in writing, of definite or indefinite duration, between a supplier and a dealer pursuant to which the dealer has been authorized to distribute one or more of the supplier's heavy equipment products, and attachments and repair parts therefor, and in connection therewith to use a trade name, trademark, service mark, logo type, or advertising or other commercial symbol. See Virginia Code 59.1-353
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
B. This chapter shall impose on every term and provision of any agreement a requirement of reasonableness. Every term or provision of any agreement shall be interpreted so that the requirements or obligations imposed therein are reasonable.
1988, c. 73.