Common use of DELTA-T’s Right to Terminate Clause in Contracts

DELTA-T’s Right to Terminate. DELTA-T may terminate the Contract if: a. issuance of any order of a court or other public authority having jurisdiction instructing DELTA-T to permanently cease Work; b. on 30 days notice if Owner has not made payment within thirty (30) days of the date due or a petition in bankruptcy is filed by or against it and is not dismissed within sixty (60) calendar days; or c. Owner commits a material breach of this Contract and fails to cure within 30 days of its receipt of written notice of such breach or such longer time as may be approved in writing by DELTA-T. Upon such termination, Owner shall pay DELTA-T the Contract Sum times the percentage or Work successfully completed as of the date of termination plus 15% of the remainder of the Contract Sum (the “Termination Fee”); provided, that the Termination Fee shall not be payable if Owner terminates due to DELTA-T 's breach. If Owner has already paid a greater percentage of the Contract Sum than the amount of Work completed, any amounts remaining due will be adjusted such that Owner pays no more than the Termination Fee.