15.2-7225 - Existing contracts, leases, franchises, etc., not impaired. - Virginia Statutes

§ 15.2-7225. Existing contracts, leases, franchises, etc., not impaired.

No provisions of this Act shall relieve, impair, or affect any right, duty,liability, or obligation arising out of any contract, concession, lease, orfranchise now in existence, including all contracts entered into by BristolVirginia Utilities except to the extent that such contract, concession,lease, or franchise may permit. Notwithstanding the foregoing provisions ofthis section, the Authority may renegotiate, renew, extend the term of, orotherwise modify at any time any contract, concession, lease, or franchisenow in existence in such manner and on such terms and conditions as it maydeem appropriate, provided that the operator of or under any said contract,concession, lease, or franchise consents to such renegotiation, renewal,extension, or modification. The Authority shall be obligated for theperformance of any contract of Bristol Virginia Utilities now in existence inaccordance with its terms, and such contracts shall remain in full force andeffect.

(2010, cc. 117, 210.)