Common use of Risk Clause Clause in Contracts

Risk Clause. Notwithstanding anything contained in any other clause, BHEL reserves the right to terminate the contract without any notice as above in case of any failure on the part of the Contractor in discharging his obligations under the contract or in the event of his becoming insolvent or going into liquidation or for any administrative reason. The decision of the BHEL about the failure on the part of the Contractor shall be final and binding on the Contractor. BHEL shall be at liberty to foreclose any part of the contract for any reason whatsoever by issuing a notice of one month and tender such work to another contractor to undertake the same by itself or otherwise. If there is any stoppage of service in any area of the Guest House operation, for any reason, the Contractor is liable for penalty action as decided by BHEL. In the event of any failure on the part of the Contractor, BHEL shall have the right, without any prejudice, to get the work done through any other alternate agency at the risk and cost of the Contractor. The additional cost, loss, if any incurred by BHEL will be recovered from the Contractor.