Settlement Proposal. Design-Builder shall submit a termination settlement proposal to VPRA in the form prescribed by VPRA no later than sixty (60) Days after the effective date of termination. Design-Builder may request a time extension in writing. An extension request must be received by VPRA within the sixty (60)-Day period in which Design-Builder was to have delivered the termination settlement proposal. VPRA will review Design-Builder’s termination settlement proposal and will accept it, return it with comments, or reject it. If Design-Builder fails to submit the proposal within the time allowed, VPRA may determine the amount, if any, due Design-Builder because of the termination consistent with Section 14.5.
Appears in 2 contracts
Sources: Design Build Agreement, Design Build Agreement