Common use of Settlement Proposal Clause in Contracts

Settlement Proposal. After receipt of a Notice of Termination, the DB Contractor shall submit a final termination settlement proposal to the District in the form and with the certification prescribed by the District. The DB Contractor shall submit the proposal promptly, but no later than 1 year from the effective date of termination, unless the DB Contractor has requested a time extension in writing within such period and the District has agreed in writing to allow such an extension. The District will then review the DB Contractor’s termination settlement proposal and will act upon it, return it with comments or reject it. If the DB Contractor fails to submit the proposal within the time allowed, the District may determine, on the basis of information available to it, the amount, if any, due to the DB Contractor because of the termination and shall pay the DB Contractor the amount so determined.