Common use of Amount of Termination Settlement Clause in Contracts

Amount of Termination Settlement. Design-Builder and Department shall negotiate in good faith to reach agreement on the settlement amount to be paid to Design-Builder by reason of the termination of Work pursuant to this Article 8. Such negotiated settlement shall include an allowance for profit solely on Work that has been performed as of the termination date. Such agreed amount or amounts payable for the terminated Work shall not exceed (i) the total Contract Price, as reduced by the value of the Work not performed, plus (ii) Demobilization Costs. Upon determination of the settlement amount, this Agreement will be amended accordingly, and Design-Builder will be paid the agreed amount as described in this Section 8.5. Department’s execution and delivery of any settlement agreement shall not be deemed to affect any of its rights with respect to compliance of the Work which has achieved Final Completion with all applicable requirements of the Contract Documents or any of its rights under payment and performance bonds or any of its rights against Subcontractors.

Amount of Termination Settlement. Design-Builder and Department shall negotiate in good faith to reach agreement on the settlement amount to be paid to Design-Builder by reason of the termination of Work pursuant to this Article 8. Such negotiated settlement shall include an allowance for profit solely on Work that has been performed as of the termination date. Such agreed amount or amounts payable for the terminated Work shall not exceed (i) the total Contract Price, as reduced by the value of the Work not performed, performed plus (ii) Demobilization Costs. Upon determination of the settlement amount, this Agreement will be amended accordingly, and Design-Builder will be paid the agreed amount as described in this Section 8.5. Department’s execution and delivery of any settlement agreement shall not be deemed to affect any of its rights with respect to compliance of the Work which has achieved Final Completion with all applicable requirements of the Contract Documents or any of its rights under payment and performance bonds or any of its rights against Subcontractors.

Amount of Termination Settlement. Design-Builder and Department shall negotiate in good faith to reach agreement on the settlement amount to be paid to Design-Builder by reason of the termination of Work pursuant to this Article 8. Such negotiated settlement shall include an allowance for profit solely on Work that has been performed as of the termination date. Such agreed amount or amounts payable for the terminated Work shall not exceed (i) the total Contract Price, as reduced by the value of the Work not performed, plus (ii) Demobilization Costs. Upon determination of the settlement amount, this Agreement will be amended accordingly, and Design-Builder will be paid the agreed amount as described in this Section 8.5. Department’s execution and delivery of any settlement agreement shall not be deemed to affect any of its rights with respect to compliance of the Work which has achieved Final Completion with all applicable requirements of the Contract Documents or any of its rights under payment and performance bonds or any of its rights against Subcontractors.

Amount of Termination Settlement. Design-Builder and Department shall negotiate in good faith to reach agreement on the settlement amount to be paid to Design-Builder by reason of the termination of Work pursuant to this Article 8. Such negotiated settlement shall include an allowance for profit solely on Work that has been performed as of the termination date. Such agreed amount or amounts payable for the terminated Work shall not exceed (i) the total Contract Price, as reduced by the value Contract Price of the Work not performed, plus (ii) Demobilization Costs. Upon determination of the settlement amount, this Agreement will be amended accordingly, and Design-Builder will be paid the agreed amount as described in this Section 8.5. Department’s execution and delivery of any settlement agreement shall not be deemed to affect any of its rights with respect to compliance of the Work which has achieved Final Completion Acceptance with all applicable Contract requirements of the Contract Documents or any of its rights under payment and performance bonds or any of its rights against Subcontractors.