59.1-503.5 - Terms to be specified. - Virginia Statutes

§ 59.1-503.5. Terms to be specified.

An agreement that is otherwise sufficiently definite to be a contract is notinvalid because it leaves particulars of performance to be specified by oneof 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 bycommercial reasonableness.

(2) If a specification materially affects the other party's performance butis 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 abreach of contract.

(2000, cc. 101, 996.)