Common use of CONTINGENT ASSIGNMENT OF SUBCONTRACT Clause in Contracts

CONTINGENT ASSIGNMENT OF SUBCONTRACT. Subcontractor agrees that this Subcontract is assigned by the Contractor to the Owner provided that: 1) the assignment is effective only after termination of the Owner/Contractor Contract by the Owner for cause, and 2) the Owner notifies the Subcontractor and Contractor in writing of the Owner’s exercise of the assignment, and 3) the assignment is subject to the prior rights of the surety, if any, obligated under bond relating to the Owner/Contractor Contract.

CONTINGENT ASSIGNMENT OF SUBCONTRACT. Subcontractor agrees that The Contractor may assign this Subcontract is assigned by the Contractor subcontract to the Owner provided that: 1) if required under the Contract. The assignment is shall be effective only after termination of when the Owner/Contractor : (a) has terminated the Contract by the Owner for cause, and 2(b) has accepted the Owner notifies assignment by notifying the Subcontractor and Contractor in writing of the Owner’s exercise of the assignment, and 3) the writing. The contingent assignment is subject to the prior rights of a surety that may be obligated under the suretyContractor’s bond, if any, obligated under bond relating . Subcontractor hereby consents to such assignment and agrees to be bound to the Owner/Contractor Contract, as assignee, by the terms of this Subcontract.