Termination for Convenience of the Exchange. The performance of work under this contract may be terminated by the Exchange in accordance with this clause in whole, or from time to time in part, whenever the contracting officer shall determine that such termination is in the best interest of the Exchange. Any such termination shall be affected by delivery to the contractor of a Notice of Termination specifying the extent to which performance of work under the contract is terminated, and the date upon which such termination becomes effective. After receipt of a Notice of Termination, and except as otherwise directed by the contracting officer, the contractor shall: stop work under the contract on the date and to the extent specified in the Notice of Termination; place no further orders or subcontracts for materials, services or facilities, except as may be necessary for completion of such portion of work under the contract as is not terminated; terminate all orders and subcontracts to the extent that they relate to the performance of work terminated by the Notice of Termination; assign to the Exchange, in the manner, at the times, and to the extent directed by the contracting officer, all of the right, title and interest of the contractor under the orders and subcontracts so terminated, in which case the Exchange shall have the right, in its discretion, to settle or pay any or all claims arising out of the termination of such orders and subcontracts; with approval or ratification to the extent required by the Contracting Officer, settle all outstanding liabilities and termination settlement proposals arising from the termination of subcontracts; the approval or ratification will be final for purposes of this clause. transfer title to and deliver to the Exchange, in the manner, at the times, and to the extent, if any, as directed by the contracting officer (a) the fabricated or unfabricated parts, work in process, completed work, supplies and other material produced as a part of, or acquired in connection with the performance of, the work terminated by the Notice of Termination, and (b) the completed or partially completed plans, drawings, information, and other property which, if the contract had been completed, would have been required to be furnished to the Exchange; use its best efforts to sell, in the manner, at the times, to the extent, and at the price or prices directed or authorized by the contracting officer, any property of the types referred to in subparagraph "b (6)" above, provided, howeve...
Termination for Convenience of the Exchange a) The performance of work under this contract may be terminated by the Exchange in accordance with this clause in whole, or from time to time in part, whenever the contracting officer shall determine that such termination is in the best interest of the Exchange. Any such termination shall be effected by delivery to the contractor of a Notice of Termination specifying the extent to which performance of work under the contract is terminated, and the date upon which such termination becomes effective.
Termination for Convenience of the Exchange
