Virginia's New Construction Payment Terms - Part 2

Member and Industry News ,

Starting January 1, 2023, all construction contracts in Virginia will be subject to payment terms limiting the right of a party to only pay a lower-tier subcontractor upon receipt of payment from the owner or higher-tier contractor. Along with changes to the Virginia Prompt Payment Act, §2.2-4354 discussed in the fi rst article, new changes to Virginia’s “wage theft” statute, Va. Code §11-4.6, specify new payment requirements to lower-tier subcontractors for all projects, public or private in Virginia.

You can read the full breakdown here.