HUMPHRIES, VALERIE R. - Laserfiche WebLink

Home Browse Search

IV. TERMINATION 16. OWNER'S POWER TO TERMINATE Should CONTRACTOR commit any of the acts specified in this paragraph, OWNER may, by giving ten (10) calendar days notice in writing thereof to CONTRACTOR, without prejudice to any other rights or remedies given OWNER by law or by this Contract, terminate the services of CONTRACTOR under this Contract, take possession of all materials and appliances located on said real property, and complete the work required by this Contract. CONTRACTOR shall be deemed to have committed an act specified in this paragraph if it shall: (a) Be adjudged a bankrupt; (b) Make a general assignment for the benefit of its creditors; (c) Refuse or fail to supply enough properly skilled workers or proper materials to complete the work required by this Contract within the time specified in this Contract; (d) Fail to make prompt payment to contractors, laborers, or material men for labor performed on or materials fiirnished to the work required by this Contract; (e) Persistently disregard any law or ordinance relating to the work required by this Contract or the completion thereof; or (1) Otherwise commit a substantial violation of any provision of this Contract. 17. RIGHTS ON TERMINATION BY OWNER Should OWNER terminate the services of CONTRACTOR under this Contract and complete the work pursuant to Paragraph 16 of this Contract, CONTRACTOR shall not be entitled to receive any further payment under this Contract until the work is fully completed. On completion of said work by OWNER, if the unpaid balance of the contract price exceeds the expenses incurred by OWNER in completing the work, including any compensation paid by OWNER for managerial, administrative, or supervisorial services in completing the work, such excess shall be promptly paid by OWNER to CONTRACTOR. If, however, on completion of the work by OWNER, the expenses incurred by OWNER in completing said work, including any compensation by OWNER for managerial, administrative, or supervisorial services in completing said work, exceed the unpaid balance of the contract price, such excess shall be promptly paid by CONTRACTOR to OWNER. 18. CONTRACTOR'S POWER TO TERMINATE CONTRACT Should OWNER fail to pay to CONTRACTOR within twenty (20) calendar days after such becomes due, any amount payable by OWNER, to CONTRACTOR pursuant to this Contract, CONTRACTOR may, by giving ten (10) calendar days written notice thereof to owner, terminate its services under this Contract, stop work on said real property, and sue all lawful means, including, without limitation, actions by Labor of Contractor's Associations induced by CONTRACTOR, to prevent further work from being done on said real property until all past due payments have been received by it and OWNER has posted a bond satisfactory to CONTRACTOR for the payment of all amounts that will thereafter become due to CONTRACTOR under this Contract. 19. LIQUIDATED DAMAGES CONTRACTOR and OWNER agree that it would either be impractical or extremely difficult to fix actual damages in the event CONTRACTOR fails to complete the described work within the time prescribed by this Contract. h-i connection therewith, CONTRACTOR agrees to pay OWNER liquidated damages for each calendar day beyond the date when completion is required by hereinabove in Paragraph 3, excluding extensions as stated in Paragraph 24, below, in the following Exhibit "R" 5