Common use of Termination by the CM Clause in Contracts

Termination by the CM. In the event that the PROJECT is stopped for a period of sixty (60) days by the CM for the Owner's failure to make payments thereon, or in the event that Owner shall have otherwise defaulted in its obligations under the terms of this Agreement, the CM, upon giving fourteen (14) business days written notice of such event of nonpayment or default to the Owner, and upon the expiration of such fourteen (14) business day period, if such nonpayment or other event of default has not been cured, the CM may terminate this Agreement and demand payment of all of the CM's compensation hereof and Owner shall assume and become liable for obligations, commitments and unsettled contractual claims that CM has previously undertaken or incurred pursuant to this Agreement.

Termination by the CM. In the event that the PROJECT is stopped for a period of sixty (60) calendar days by the CM for the Owner's failure to make payments thereon, or in the event that Owner shall have otherwise defaulted in its obligations under the terms of this Agreement, the CM, upon giving fourteen (14) business calendar days written notice of such event of nonpayment or default to the Owner, and upon the expiration of such fourteen (14) business calendar day period, if such nonpayment or other event of default has not been cured, the CM may terminate this Agreement and demand payment of all of the CM's compensation hereof and Owner shall assume and become liable for obligations, commitments and unsettled contractual claims that CM has previously undertaken or incurred pursuant to this Agreement.