Common use of Completion of Contractor’s Default Clause in Contracts

Completion of Contractor’s Default. If default shall be made by the Contractor or by any subcontractor in the performance of any of the terms of this proposal, the Owner, without in any manner limiting its legal and equitable remedies in the circumstances, may serve upon the Contractor and the Surety or Sureties upon the Contractor's bond or bonds a written notice requiring the Contractor to cause such default to be corrected forthwith. Unless within twenty (20) days after the service of such notice upon the Contractor such default shall be corrected or arrangements for the correction thereof satisfactory to the Owner and/or Engineer shall be made by the Contractor or its Surety or Sureties, the Owner may take over the construction of the project and prosecute the same to completion by contract or otherwise for the account and at the expense of the Contractor, and the Contractor and its Surety or Sureties shall be liable to the Owner for any cost or expense in excess of the contract price occasioned thereby. In such event the Owner may take possession of and utilize, in completing the construction of the project, any materials, tools, supplies, equipment, appliances, and plant belonging to the Contractor or any of its subcontractors, which may be situated at the site of the project. The Owner in such contingency may exercise any rights, claims or demands which the Contractor may have against third persons in connection with this contract and for such purpose the Contractor does hereby assign, transfer and set over unto the Owner all such rights claims and demands.

Completion of Contractor’s Default. If default shall be made by the Contractor or by any subcontractor in the performance of any of the terms of this proposalContract, the Owner, without in any manner limiting its legal and equitable remedies in the circumstances, may serve upon the Contractor and the Surety surety or Sureties sureties upon the Contractor's bond Bond or bonds Bonds a written notice requiring the Contractor to cause such default to be corrected forthwith. Unless within twenty (20) days after the service of such notice upon the Contractor such default shall be corrected or arrangements for the correction thereof thereof, satisfactory to the Owner and/or Engineer Owner, shall be made by the Contractor or its Surety surety or Suretiessureties, the Owner may take over the construction of the project Project and prosecute the same to completion by contract or otherwise for the account and at the expense of the Contractor, and the Contractor and its Surety surety or Sureties sureties shall be liable to the Owner for any cost or expense in excess of the contract price occasioned thereby. In such event the Owner may take possession of and utilize, in completing the construction of the projectProject, any materials, tools, supplies, equipment, appliances, and plant belonging to the Contractor or any of its subcontractors, which may be situated at the site of the projectProject. The Owner in such contingency may exercise any rights, claims or demands which the Contractor may have against third persons in connection with this contract and for such purpose the Contractor does hereby assign, transfer transfer, and set over unto the Owner all such rights claims any rights, claims, and demands.

Completion of Contractor’s Default. If default shall be made by the Contractor or by any subcontractor in the performance of any of the terms of this proposalContract, the Owner, without in any manner limiting its legal and equitable remedies in the circumstances, may serve upon the Contractor and the Surety surety or Sureties sureties upon the Contractor's bond Bond or bonds Bonds a written notice requiring the Contractor to cause such default to be corrected forthwith. Unless within twenty (20) days after the service of such notice upon the Contractor such default shall be corrected or arrangements for the correction thereof thereof, satisfactory to the Owner and/or Engineer Owner, shall be made by the Contractor or its Surety surety or Suretiessureties, the Owner may take over the construction of the project Project and prosecute the same to completion by contract or otherwise for the account and at the expense of the Contractor, and the Contractor and its Surety surety or Sureties sureties shall be liable to the Owner for any cost or expense in excess of the contract price occasioned thereby. In such event the Owner may take possession of and utilize, in completing the construction of the projectProject, any materials, tools, supplies, equipment, appliances, and plant belonging to the Contractor or any of its subcontractors, which may be situated at the site of the projectProject. The Owner in such contingency may exercise any rights, claims or demands which the Contractor may have against third persons in connection with this contract Contract and for such purpose the Contractor does hereby assign, transfer transfer, and set over unto the Owner all such rights claims rights, claims, and demands.