Va. Code § 59.1-503.5

Current with changes from the 2024 legislative session through ch. 845

Section 59.1-503.5 - Terms to be specified

An agreement that is otherwise sufficiently definite to be a contract is not invalid because it leaves particulars of performance to be specified by one of the parties. If particulars of performance are to be specified by a party, the following rules apply:

(1) Specification must be made in good faith and within limits set by commercial reasonableness.

(2) If a specification materially affects the other party's performance but is not seasonably made, the other party:

(A) is excused for any resulting delay in its performance; and

(B) may perform, suspend performance, or treat the failure to specify as a breach of contract.

Va. Code § 59.1-503.5

2000, cc. 101, 996.

Amended by Acts 2000, § cc. 101, 996.