Virginia recently enacted legislation banning the use of conditional payment clauses, known as “pay-if-paid” clauses, on both public and private construction projects within the Commonwealth. The legislation, known as “SB 550,” went into effect on January 1, 2023, and applies to all construction contracts executed on or after that date.
As a reminder, SB 550 changes the law governing construction contracts in Virginia in two important respects. First…
