2.2-3123 - Invalidation of contract; recision of sales. - Virginia Statutes

§ 2.2-3123. Invalidation of contract; recision of sales.

A. Any contract made in violation of § 2.2-3103 or §§ 2.2-3106 through2.2-3109 may be declared void and may be rescinded by the governing body ofthe contracting or selling governmental agency within five years of the dateof such contract. In cases in which the contract is invalidated, thecontractor shall retain or receive only the reasonable value, with noincrement for profit or commission, of the property or services furnishedprior to the date of receiving notice that the contract has been voided. Incases of recision of a contract of sale, any refund or restitution shall bemade to the contracting or selling governmental agency.

B. Any purchase by an officer or employee made in violation of § 2.2-3103 or§§ 2.2-3106 through 2.2-3109 may be rescinded by the governing body of thecontracting or selling governmental agency within five years of the date ofsuch purchase.

(1987, Sp. Sess., c. 1, § 2.1-639.20; 2001, c. 844.)