Common use of Contractor's Termination Clause in Contracts

Contractor's Termination. Contractor may, on seven (7) days' written notice to Owner, terminate this agreement before the completion date specified in this agreement when for a period of ten (10) days after a progress payment is due, through no fault of Contractor, Owner fails to make the payment, unless Owner, within seven (7) days after Contractor's written notice, pays to Contractor all amounts than due that are not subject to an unresolved, bona fide dispute concerning Contractor's right to payment. On such termination, Contractor may recover from Owner payment for all work completed and for any loss sustained by Contractor for materials, equipment, tools, machinery to the extent of actual loss thereon plus loss of a reasonable profit, provided Contractor can prove such loss and damages. Owners Termination. Owner may, on seven (7) days' written notice to Contractor, terminate this agreement before the completion date specified in this agreement, and without prejudice to any other remedy it may have, when Contractor defaults in performance of any provision of this agreement, or fails to carry out the construction in accordance with the provisions of the Contract Documents. On such termination, Owner may take possession of the work site and finish the work in whatever way Owner deems expedient. If the unpaid balance on the contract price at the time of such termination exceeds the expense of finishing the work, Owner will pay such excess to Contractor. If the expense of finishing the work exceeds the unpaid balance at the time of termination, Contractor shall agree to pay the difference to Owner. On any such default by Contractor, Owner may elect not to terminate this agreement, and in such event, Owner may make good the deficiency of which the default consists and deduct the cost from the progress payment then or to become due to Contractor.

Contractor's Termination. Contractor may, on seven (7) days' written notice to Owner, terminate this agreement before the completion date specified in this agreement when for a period of ten (10) days after a progress payment is due, through no fault of Contractor, Owner fails to make the payment, unless Owner, within seven (7) days after Contractor's written notice, pays to Contractor all amounts than due that are not subject to an unresolved, bona fide dispute concerning Contractor's right to payment. On such termination, Contractor may recover from Owner payment for all work completed and for any loss sustained by Contractor for materials, equipment, tools, machinery to the extent of actual loss thereon plus loss of a reasonable profit, provided Contractor can prove such loss and damages. Owners Owner's Termination. Owner may, on seven (7) days' written notice to Contractor, terminate this agreement before the completion date specified in this agreement, and without prejudice to any other remedy it may have, when Contractor defaults in performance of any provision of this agreement, or fails to carry out the construction in accordance with the provisions of the Contract Documents. On such termination, Owner may take possession of the work site and finish the work in whatever way Owner deems expedient. If the unpaid balance on the contract price at the time of such termination exceeds the expense of finishing the work, Owner will pay such excess to Contractor. If the expense of finishing the work exceeds the unpaid balance at the time of termination, Contractor shall agree to pay the difference to Owner. On any such default by Contractor, Owner may elect not to terminate this agreement, and in such event, Owner may make good the deficiency of which the default consists and deduct the cost from the progress payment then or to become due to Contractor.

Contractor's Termination. Contractor may, on seven (7) days' written notice to Owner, terminate this agreement before the completion date specified in this agreement when for a period of ten (10) days after a progress payment is due, through no fault of Contractor, Owner fails to make the payment, unless Owner, within seven (7) days after Contractor's written notice, pays to Contractor all amounts than then due that are not subject to an unresolved, bona fide dispute concerning Contractor's right to payment. On such termination, Contractor may recover from Owner payment for all work completed and for any loss sustained by Contractor for materials, equipment, tools, machinery to the extent of actual loss thereon plus loss of a reasonable profit, provided Contractor can prove such loss and damages. Owners Owner's Termination. Owner may, on seven (7) days' written notice to Contractor, terminate this agreement before the completion date specified in this agreement, and without prejudice to any other remedy it may have, when Contractor defaults in performance of any provision of this agreement, or fails to carry out the construction in accordance with the provisions of the Contract Documents. On such termination, Owner may take possession of the work site and finish the work in whatever way Owner deems expedient. If the unpaid balance on the contract price at the time of such termination exceeds the expense of finishing the work, Owner will pay such excess to Contractor. If the expense of finishing the work exceeds the unpaid balance at the time of termination, Contractor shall agree to pay the difference to Owner. On any such default by Contractor, Owner may elect not to terminate this agreement, and in such event, Owner may make good the deficiency of which the default consists and deduct the cost from the progress payment then or to become due to Contractor.