Owner's Termination Clause Samples
The Owner's Termination clause grants the owner the right to end the contract before the project or service is completed. Typically, this clause outlines the procedures the owner must follow to terminate, such as providing written notice and specifying any compensation or costs owed to the contractor for work performed up to the termination date. Its core function is to provide the owner with flexibility to discontinue the agreement if circumstances change, while also establishing fair terms for both parties in the event of early termination.
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Owner's Termination. Owner may, on __________ days’ notice to Contractor, terminate this Agreement before the completion of the Work, and without prejudice to any other remedy Owner may have when Contractor defaults in the performance of any provision of this Agreement, or fails to carry out performance of the Work in accordance with the provisions of the Contract Documents. Excess Payment (Check all that apply) ☐ If the unpaid balance on the Contract Price at the time of the termination exceeds the expense of finishing the Work, Owner shall pay such excess to Contractor. ☐ If the expense of finishing the Work exceeds the unpaid balance of the Contract Price at the time of termination, Contractor shall pay the difference to Owner.
Owner's Termination. Owner may, on 30 days’ notice to Contractor, terminate this Agreement before the completion of the Work, and without prejudice to any other remedy Owner may have when Contractor defaults in the performance of any provision of this Agreement, or fails to carry out performance of the Work in accordance with the provisions of the Contract Documents.
Owner's Termination. Owner may, on 30 days’ notice to Contractor, terminate this agreement before the completion date specified in this agreement, and without prejudice to any other remedy he may have, when Contractor defaults in performance of any material provision in 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 all materials, equipment, tools, and machinery on the work site, and finish the work in whatever way he deems expedient. If the unpaid balance on the contract price at the time of such termination exceeds the reasonable 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 agrees to pay the difference to Owner.
Owner's Termination. Owner shall have the option to terminate this Agreement if the conditions to Closing contained in Section 4.2 have not been satisfied or waived by Owner in writing, or if Lessee is in breach of its obligations under this Agreement. In the event of a termination due solely to Lessee’s breach of this Agreement, the Deposit together with any accrued interest, shall be delivered to Owner as liquidated damages as Owner’s sole and exclusive remedy, as provided in Section 2.3. In the event that this Agreement is terminated by Owner due to a failure of any of the conditions to Closing contained in Section 4.2, then the Deposit and any interest accrued thereon shall be returned to Lessee (unless Lessee is in default, in which case Section 2.3 shall apply).
Owner's Termination. Owner may for any reason whatsoever terminate this Agreement at any time prior to Substantial Completion. Owner shall give written notice of such termination to Manager specifying when termination becomes effective. Any suspension of activity on the Project by Owner for a period in excess of twelve consecutive calendar months shall be deemed to be a termination by Owner. For any termination under this Section 17.2, Owner shall also pay Manager upon, and as a condition of, such termination the following amounts:
(a) If the termination occurs on or prior to May 8, 2002, a sum equal to $1,000;
(b) If the termination occurs after May 8, 2002 but prior to the completion of the Design and Master Plan Phase of the Golf Course and Related Facilities, a sum equal to $500,000;
(c) If termination occurs after the completion of the Design and Master Plan Phase of the Golf Course and Related Facilities and prior to the time that the Golf Course and Related Facilities are open for use by third parties (including the public), a sum equal to $1 Million; and
(d) If termination occurs after the Golf Course and Related Facilities are open for use by third parties (including the public) a sum equal to fifty (50%) percent of the entire amount of the unearned Fees that would have been earned by Manager through the remaining balance of the original 15-year Term had the Agreement not been so terminated.
Owner's Termination. Owner may, on __ days’ notice to Contractor, terminate this Agreement before the completion of the Work, and without prejudice to any other remedy Owner may have when Contractor defaults in the performance of any provision of this Agreement, or fails to carry out performance of the Work in accordance with the provisions of the Contract Documents. ☐ If the unpaid balance on the Contract Price at the time of the termination exceeds the expense of finishing the Work, Owner shall pay such excess to Contractor. ☐ If the expense of finishing the Work exceeds the unpaid balance of the Contract Price at the time of termination, Contractor shall pay the difference to Owner.
Owner's Termination. OWNER may on twenty-one (21) days prior written notice to CONTRACTOR, terminate this contract before the completion date hereof, and without prejudice to any other remedy it may have, when CONTRACTOR defaults in performance of any provision herein; provided, however, OWNER may elect not to terminate the contract, and in such event it may make good the deficiency of which the default consists, and deduct the costs from the progress payment then or to become due to CONTRACTOR.
Owner's Termination. Owner, on _____ days written notice to Contractor, may terminate this contract when Contractor fails to carry out the construction in accordance with the provisions of the contract documents. On termination, Owner may take possession of the worksite and all materials thereon, and finish the work in whatever reasonable way Owner deems expedient. If unpaid balance on the contract amount at the time of termiantion exceeds the expense of finishing the work, owner will pay the excess to Contractor. If the expense of finishing the work exceeds the unpaid balance at the time of termination, Owner may recover from Contractor the excess expense of finishing the work.