Common use of Owner's Termination Clause in Contracts

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.