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SB550: Understanding New Virginia Law 2/9 NV
February 9, 2023 @ 2:00 pm - 4:00 pm
$100.00
SB550: UNDERSTANDING NEW VIRGINIA LAW
New Virginia law prohibits Pay-if-Paid clauses and adds Prompt Pay provisions.
In 2022, the Virginia General Assembly and Governor passed SB550, which would eliminate or prohibit “pay-if-paid” clauses in public and private construction contracts in Virginia. Payment by the owner can no longer be a condition precedent to payment to any lower-tier subcontractor, unless the owner is “insolvent or a debtor in bankruptcy.” SB550 went to a Public Body Procurement Workgroup, which has now reported its recommendations to the General Assembly, with the law effective on January 1, 2023.
The proposed new § 11-4.6 (B) also mandates “prompt pay” provisions in private construction contracts that (i) requires the owner to pay the general contractor within 60 days of receipt of an invoice after “satisfactory completion” and (ii) requires a “higher-tier contractor” to pay a “lower-tier subcontractor” within 60 days of satisfactory completion of the work or within seven days after receipt of payment from the owner, whichever is earlier.
SPEAKER
James D. Fullerton, President, Fullerton & Knowles, P.C. – Mr. Fullerton is a Martindale Hubbell Peer Rated Lawyer AV” Preeminent.'” Jim represents owners, lenders, design professionals, suppliers, subcontractors, general contractors and other members of the real estate and construction industries region-wide. He advises on all real estate and construction law issues; public procurement and bidding, contract formation and disputes; defects in labor and materials; design defects in plans and specifications; inefficiency, impact and delay claims; mechanic’s lien and bond rights; litigation, arbitration and mediation in public and private projects; joint ventures, mentor protegee agreements and other arrangements for minority and disadvantaged business enterprises; bank and lender representation; commercial transactions and loan closings; sales contracts and leases.
Mr. Fullerton is also a master brick mason, a licensed real estate broker and the owner of Summit Real Estate. He is Counsel to Board of Directors, Virginia Precast Concrete Association; and is Counsel to Board of Directors, Central Atlantic Precast Concrete Association. He graduated from the University of Colorado and the University of Virginia School of Law.
WHEN
Thursday, February 9, 2023
2:00PM – 4:00PM
LOCATION
ABC-VA Northern Virginia Training Facility
42680 Trade West Drive, Dulles, VA 20166
COST
$100
Questions?
Contact Amy Faris