Common use of FORECLOSURE OF CONTRACT Clause in Contracts

FORECLOSURE OF CONTRACT. In case of any necessity arising due to local working conditions, land/lease issues or any unforeseen reason not in the control of the GMDC or of the Contractor, Committee comprising of representative of GMDC, Contractor and technical expert shall be constituted. The said Committee will look into the reasons/causes and analyse the conditions as to whether the work awarded is feasible to continue with the existing terms and conditions of the contract or any other available option or to Fore Close the contract in the interest of both the GMDC and the Contractor. After study of the prevailing conditions of the contract under execution, committee may recommend to Fore Close the contract keeping in view the financial implication to both the GMDC and Contractor. Guideline/Modality of the Fore Closure of the contract shall be decided by the committee considering the work executed and unexecuted, period of the contract completed and balance period of the contract, value of the work executed and value of the work unexecuted etc. Decision of GMDC for Fore Closure of the contract on the recommendations of the committee shall be final and binding to the Contractor.

FORECLOSURE OF CONTRACT. In case of any necessity arising due to local working conditions, land/land/ lease issues or any unforeseen reason not in the control of the GMDC or of the Contractor, Committee comprising of representative of GMDC, Contractor and an d technical expert shall be constituted. The said Committee will look into the reasons/reasons/ causes and analyse the conditions as to whether the work awarded is feasible to continue with the existing terms and conditions of the contract or any other available option op tion or to Fore Close the contract in the interest of both the GMDC and the Contractor. After study of the prevailing conditions of the contract under execution, committee may recommend to Fore Close the contract keeping in view the financial implication to t o both the GMDC and Contractor. Guideline/Guideline/ Modality of the Fore Closure of the contract shall be decided by the committee considering the work executed and unexecuted, period of the contract completed and balance period of the contract, value of the work executed ex ecuted and value of the work unexecuted etc. Decision of GMDC for Fore Closure of the contract on the recommendations of the committee shall be final and binding to the Contractor.

FORECLOSURE OF CONTRACT. In case of any necessity arising due to local working conditions, land/lease issues or any unforeseen reason not in the control of the GMDC or of the Contractor, Committee comprising of representative of GMDCGMDC , Contractor and technical expert shall be constituted. The said Committee will look into the reasons/causes and analyse the conditions as to whether the work awarded is feasible to continue with the existing terms and conditions of the contract or any other available option or to Fore Close the contract in the interest of both the GMDC and the Contractor. After study of the prevailing conditions of the contract under execution, committee may recommend to Fore Close the contract keeping in view the financial implication to both the GMDC and Contractor. Guideline/Modality of the Fore Closure of the contract shall be decided by the committee considering the work executed and unexecuted, period of the contract completed and balance period of the contract, value of the work executed and value of the work unexecuted etc. Decision of GMDC for Fore Closure of the contract on the recommendations of the committee shall be final and binding to the Contractor.

FORECLOSURE OF CONTRACT. In case of any necessity arising due to local working conditions, land/lease issues or any unforeseen reason not in the control of the GMDC or GMDCor of the Contractor, Committee comprising of representative of GMDCGMDC , Contractor and technical expert shall be constituted. The said Committee will look into the reasons/causes and analyse the conditions as to whether the work awarded is feasible to continue xxxxx nue with the existing terms and conditions of the contract or any other available option or to Fore Close the contract in the interest of both the GMDC and the Contractor. After study of the prevailing conditions of the contract under execution, committee may recommend to Fore Close the contract keeping in view the financial implication to both the GMDC and Contractor. Guideline/Modality of the Fore Closure of the contract shall be decided by the committee considering the work executed and unexecuted, period of the contract completed and balance period of the contract, value of the work executed and value of the work unexecuted etc. Decision of GMDC for GMDCfor Fore Closure of the contract on the recommendations of the committee shall be final and binding to the Contractor.

FORECLOSURE OF CONTRACT. In case of any necessity arising due to local working conditions, land/lease issues or any unforeseen reason not in the control of the GMDC or GMDCor of the Contractor, Committee comprising of representative of GMDCGMDC , Contractor and technical expert shall be constituted. The said Committee will look into the reasons/causes and analyse the conditions as to whether the work awarded is feasible to continue with the existing terms and conditions of the contract or any other available option or to Fore Close the contract in the interest of both the GMDC and the Contractor. After study of the prevailing conditions of the contract under execution, committee may recommend to Fore Close the contract keeping in view the financial implication to both the GMDC and Contractor. Guideline/Modality of the Fore Closure of the contract shall be decided by the committee considering the work executed and unexecuted, period of the contract completed and balance period of the contract, value of the work executed and value of the work unexecuted etc. Decision of GMDC for GMDCfor Fore Closure of the contract on the recommendations of the committee shall be final and binding to the Contractor.

FORECLOSURE OF CONTRACT. In case of any necessity arising due to local working conditions, land/land/ lease issues or any unforeseen reason not in the control of the GMDC or of the Contractor, Committee comprising of representative of GMDC, Contractor and technical expert shall be constituted. The said Committee will look into the reasons/causes and analyse the conditions as to whether the work awarded is feasible to continue with the existing terms and conditions of the contract or any other available option or to Fore Close the contract in the interest of both the GMDC and the Contractor. After study of the prevailing conditions of the contract under execution, committee may recommend to Fore Close the contract keeping in view the financial implication to both the GMDC and Contractor. Guideline/Modality of the Fore Closure of the contract shall be decided by the committee considering the work executed and unexecuted, period of the contract completed and balance period of the contract, value of the work executed and value of the work unexecuted unex ecuted etc. Decision of GMDC for Fore Closure of the contract on the recommendations of the committee shall be final and binding to the Contractor.