59.1-506.17 - Notice of termination. - Virginia Statutes

§ 59.1-506.17. Notice of termination.

(a) Except as otherwise provided in subsection (b), a party may not terminatea contract except on the happening of an agreed event, such as the expirationof the stated duration, unless the party gives reasonable notice oftermination to the other party.

(b) An access contract may be terminated without giving notice. However,except on the happening of an agreed event, termination requires givingreasonable notice to the licensee if the access contract pertains toinformation owned and provided by the licensee to the licensor.

(c) A term dispensing with a notice required under this section is invalid ifits operation would be unconscionable. However, a term specifying standardsfor giving notice is enforceable if the standards are not manifestlyunreasonable.

(2000, cc. 101, 996.)