Does Virginia Tech have limited liability?

Yes.   As an agency of the Commonwealth of Virginia, Virginia Tech has benefit of the  state’s sovereign immunity.  However, the state has waived that sovereign immunity by allowing actions for the tortious acts or omissions of its agents and employees, to the extent provided in the Virginia Tort Claims Act.

See TORTS for further discussion, exception, and alternative language.

Can Virginia Tech agree to limit the liability of contractors?

Yes.  Many times parties to a contract will try to negotiate a limit to their liability under the contract.  In many cases, they attempt to limit their liability to the dollar value of the contract.  Allowing a limit of liability is a business decision.  It is usually not advisable to agree to any limits of liability because of the risk that the university may have to assume those costs.  It is the policy of the university not to limit liability, but to require the contractor to be responsible for their acts and to have insurance to cover risks.