Common use of Costs of Completion Clause in Contracts

Costs of Completion. In the event of termination under this Section, CONTRACTOR shall not be entitled to receive any further payment of the Contract Price, if any is due, until the Work is completed. If the unpaid balance of the Contract Price as of the date of termination exceeds DISTRICT's direct and indirect costs and expenses for completing the Work, including without limitation, attorneys' fees and compensation for additional professional and consultant and administrative services, such excess shall be used to pay CONTRACTOR for the cost of the Work performed prior to the effective date of termination with a reasonable allowance for overhead and profit. If DISTRICT’s costs and expenses to complete the Work, including but not limited to architectural, engineering, consultant, administrative, managerial, and/or legal services costs and expenses, exceed the unpaid Contract Price, CONTRACTOR and/or the Surety shall pay the difference to DISTRICT within ten (10) days of receipt of a written demand for such payment by DISTRICT to CONTRACTOR and Surety. Expense incurred by DISTRICT, as herein provided, and damage incurred through CONTRACTOR’s default, shall be certified to DISTRICT by ARCHITECT.