Virginia Code 30-125: Invalidation of contract; recision of sales
A. Any contract made in violation of § 30-103 or § 30-105 may be declared void and may be rescinded by the contracting or selling governmental authority within five years of the date of the contract. In cases in which the contract is invalidated, the contractor shall retain or receive only the reasonable value, with no increment for profit or commission, of the property or services furnished prior to the date of receiving notice that the contract has been voided. In cases of recision of a contract of sale, any refund or restitution shall be made to the contracting or selling governmental agency.
Terms Used In Virginia Code 30-125
- Contract: A legal written agreement that becomes binding when signed.
- Contract: includes a subcontract only when the contract of which it is a part is with the legislator's own governmental agency. See Virginia Code 30-101
- Governmental agency: means each component part of the legislative, executive or judicial branches of state and local government, including each office, department, authority, post, commission, committee, and each institution or board created by law to exercise some regulatory or sovereign power or duty as distinguished from purely advisory powers or duties. See Virginia Code 30-101
- Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
B. Any purchase made in violation of § 30-103 or § 30-105 may be rescinded by the contracting or selling governmental agency within five years of the date of the purchase.
1987, Sp. Sess., c. 1, § 2.1-639.56; 2001, c. 844.