CONTINGENT ASSIGNMENT OF SUBCONTRACTS. 5.4.1 If this Agreement is terminated, each subcontract and supply agreement shall be assigned by the Construction Manager to the Owner, subject to the prior rights of any surety, provided that: (a) this Agreement is terminated by the Owner pursuant to Sections 12.3 or 12.4; and (b) the Owner accepts such assignment after termination by notifying the Subcontractor and Construction Manager in writing, and assumes all rights and obligations of the Construction Manager pursuant to each subcontract agreement. The Owner does not assume responsibility for any of Contractor’s obligations existing prior to the date of assumption unless expressly agreed to in writing.
Appears in 4 contracts
Samples: Standard Agreement, Standard Agreement, Standard Agreement
