30-125 - Invalidation of contract; recision of sales. - Virginia Statutes

§ 30-125. Invalidation of contract; recision of sales.

A. Any contract made in violation of § 30-103 or § 30-105 may be declaredvoid and may be rescinded by the contracting or selling governmentalauthority within five years of the date of the contract. In cases in whichthe contract is invalidated, the contractor shall retain or receive only thereasonable value, with no increment for profit or commission, of the propertyor services furnished prior to the date of receiving notice that the contracthas been voided. In cases of recision of a contract of sale, any refund orrestitution shall be made to the contracting or selling governmental agency.

B. Any purchase made in violation of § 30-103 or § 30-105 may be rescinded bythe contracting or selling governmental agency within five years of the dateof the purchase.

(1987, Sp. Sess., c. 1, § 2.1-639.56; 2001, c. 844.)