Over the years I have noticed termite protection signs posted at job sites for new construction homes or businesses.

Is this by Virginia code law, or a stipulation of a construction loan?

My well will be going in before construction, and I don’t want any future hassles when construction begins due to how far away from termite treatment a well has to go.

Apparently so, but... you've got to dig through the Virginia Uniform Statewide Building Code
for exceptions and alternatives.

http://vapesticidesafety.org/builders.shtml

Yes, a termicide is required in VA.

There’s a few different ways to do it.  Spraying under the footers and slab before pouring is common, as are a borate treatment sprayed on to the framing (you have to wait until framing is complete) and even simple in-ground bait stations.  

There’s ways to treat for termites that won’t affect well water.

Talk to your builder, or if you’re acting as your own GC - ask the concrete guy doing the foundation.

Thank y’all for the replies.