Recourse by Contractor. In the event that Company 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 Company: supplement Company’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 Company; and/or terminate Company’s right to proceed with a portion of or the remainder of Company’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 Company’s materials, tools, and appliances, and may employ any other person(s) or firm(s) to finish Company’s work and provide the materials therefore. In the case of termination of the remainder of Company’s work Company 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 Company’s work, Contractor shall be entitled to recover all expenses and damages incurred for completing Company’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 Company 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 Company. 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 Company as it becomes due under the terms of this Agreement; but, if the Completion Costs exceed such unpaid balance, then Company shall promptly pay to Contractor the amount by which the Completion Costs exceed su...
Recourse by Contractor. 14.1 Failure of Performance
Recourse by Contractor. 14.1 The Contractor may demand adequate written assurance from Subcontractor of its ability to perform under this Agreement. The Subcontractor’s failure to provide that assurance within fifteen (15) days is a default under section 14.2 of this Agreement.
Recourse by Contractor. In the event that Subcontractor materially breaches Subcontract (e.g. failure to perform) (a “Subcontractor Default”), Contractor shall give written notice of a Subcontractor Default to Subcontractor (a “Notice of Default”) detailing with particularity the circumstance of the breach and provide Subcontractor at least ten (10) working days to present a commercially reasonable plan to cure such breach. If Subcontractor timely submits and diligently pursues such plan to completion, then such breach shall be deemed cured. In no event shall Contractor have the right to seize any of Subcontractor’s goods, materials or equipment, as a consequence of a Subcontractor Default.
Recourse by Contractor. If SUBCONTRACTOR fails to cure any default within the time allowed by CONTRACTOR, SUBCONTRACTOR shall be liable for any and all costs and damages, including consequential and liquidated damages, sustained by CONTRACTOR as a result thereof, and CONTRACTOR, at its option and in addition to any other rights afforded herein or by law, shall have the right:
Recourse by Contractor
