Common use of FORECLOSURE OF CONTRACT Clause in Contracts

FORECLOSURE OF CONTRACT. 33.1 If at any time after execution of this Contract or any Work Order(s) placed or during the progress of Work(s), the purpose or object for which the Work(s) is being done changes due to any supervening cause and as a result of which the work has to be abandoned or reduced in scope, the Corporation shall give notice in writing to that effect to the Contractor stating the decision as well as the cause for such decision and the Contractor shall act accordingly in the matter. The Contractor shall have no claim to any payment of compensation or otherwise whatsoever, on account of any profit or advantage which he might have derived from the execution of the works in full, but which he did not derive in consequence of the foreclosure of the whole or part of the works. The Contractor shall be paid at contract rates, full amount for works executed at site and in addition, a reasonable amount as certified by the Corporation for the items hereunder mentioned which could not be utilized on the work to the full extent in view of the foreclosure:

Appears in 11 contracts

Samples: Agreement, Agreement, Agreement

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