RECOURSE BY CONTRACTOR Clause Examples

RECOURSE BY CONTRACTOR. In the event that Vendor defaults at any time by refusing or neglecting to supply a sufficient quantity of materials of proper quality, or is adjudicated bankrupt, or files an arrangement proceeding, or commits any act of insolvency, or makes an assignment for the benefit of creditors without Contractor’s consent, or fails to make prompt payment to his subcontractors, suppliers and/or laborers, or fails in any respect to properly and diligently prosecute the work covered by this Agreement, , or otherwise fails to perform fully any of the agreements herein contained, Contractor may, at his option, after giving written notice to Vendor: supplement Vendor’s work efforts by providing or causing to be provided any design, engineering, labor, materials, equipment, subtrade, or any other type of work or payment as may be necessary to cure the default of Vendor; and/or terminate Vendor’s right to proceed with a portion of or the remainder of Vendor’s work in which event Contractor shall have the right to enter upon the premises of the project and take possession, for the purpose of completing the work included under this Agreement, of Vendor’s materials, tools, and appliances, and may employ any other person(s) or firm(s) to finish Vendor’s work and provide the materials therefore. In the case of termination of the remainder of Vendor’s work Vendor shall not be entitled to receive any further payment under this Agreement until the work undertaken by Contractor in his prime contract is finished. In the case of such supplementation or termination of Vendor’s work, Contractor shall be entitled to recover all expenses and damages incurred for completing Vendor’s work including, but not limited to, the cost of: design, engineering, labor, materials, equipment, subtrade work, general conditions, onsite supervision, insurance, bonds, and any payments made on behalf of Vendor plus a markup of fifteen percent on all such expenses and damages, hereinafter referred to collectively as Completion Costs. Such Completion Costs shall be deducted from any payment then due or to become due to Vendor. If the unpaid balance of the amount to be paid under this Agreement exceeds the Completion Costs incurred by Contractor, the excess shall be paid by Contractor to Vendor as it becomes due under the terms of this Agreement; but, if the Completion Costs exceed such unpaid balance, then Vendor shall promptly pay to Contractor the amount by which the Completion Costs exceed such unpaid bal...