Contractor Termination Right Clause Samples

Contractor Termination Right. The Contractor shall have the following termination rights under the Contract prior to the applicable final System Acceptance Event (depending upon the Options exercised by Customer): (a) If Customer becomes bankrupt or insolvent or has a receiving order made against it, or takes the benefit of any statute or legislation relating to bankruptcy or insolvent debtors, or if an order is made or resolution passed for the winding up of Customer; (b) If Customer fails to pay the Contractor any amounts due, as provided in Section 6.8 Contractor has the right to suspend performance of the Work with Contractor providing notice thereof to Customer; in the event performance of the Work has been so suspended for any non-payments by Customer which are not the subject of a good faith dispute for a period of sixty (60) Calendar Days following such notice of suspension for non-payment, Contractor may terminate the Contract; or (c) If Customer fails to perform other material obligations of this Contract, and in each case does not cure such failure within thirty (30) Calendar Days (or such longer period as authorized in writing by Contractor) after receipt from Contractor of written notice of such failure, the Contractor shall be entitled to suspend the Work immediately. If the failure to perform a material obligation is not cured within a further period of thirty (30) Calendar Days following such suspension of the Work then the Contractor may terminate the Contract; or (d) If either (i) Customer or any of its Subsidiaries, becomes a Restricted Party; or (ii) if despite reasonable workarounds performance under this Contract would result in a violation of Ex-Im Laws, Sanctions, Anti-Corruption Laws or Anti-Money Laundering Laws by Contractor or its Affiliates.

Contractor Termination Right. Contractor shall have the right to terminate this Contract by written notice to Owner at any time in its sole and absolute discretion if (a) Contractor determines that the amount of funds necessary to complete the Project and provide the Services will be in excess of the Funding Amount Limit or (b) upon termination of that certain Forbearance Agreement, dated of even date herewith, by and among 1st International Bank, Owner, ▇▇▇▇▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇▇▇ ▇. ▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇ Energy Holdings LLC, a Delaware limited liability company, GEL and Contractor. After termination of this Contract by Contractor: (a) Contractor and Owner shall execute a forbearance agreement in the form set forth as Exhibit J attached hereto; (b) Contractor shall be entitled to receive payment of all Obligations in full, including, but not limited to, (i) those items of compensation that have been earned (including any retainage withheld therefrom) by the performance of the Services as of the date notice of termination by Contractor is received by Owner and (ii) the reimbursement of any reasonable expenses incurred by Contractor in connection with the orderly termination of the Services; (c) all Liens in favor of Contractor shall remain in full force and effect until the release of such Liens pursuant to Section 9.2; and (d) upon the payment of the Obligations in accordance with Section 18.5(a), Owner shall have no further obligations to Contractor or its Affiliates under this Contract.