Forfeiture of Contract. The Program may Terminate the Contract if there is no activity on the Contract in the 6 years after the Beneficiary graduates from High School and no notification of intended usage or request for extension to the term of the Contract has been received by the Program. Written notification of the forfeiture of Contract will be sent by the Program to the Purchaser, Beneficiary, and any Purchaser’s Legal Successor. Parties will have 60 days to respond from the date of the mailing. Failure to respond within the time given will result in the rights to distribution of Contract Benefits being forfeited and the Contract Terminated. The balance of payments made, minus any Program Fees will be refunded to the Purchaser.
Forfeiture of Contract. The Program may Terminate the Contract if there is no activity on the Contract in the 6 years after the Beneficiary reaches the specified Benefit Use Year and no notification of intended usage or request for extension to the term of the Contract has been received by the Program. Written notification of the forfeiture of Contract will be sent by the Program to the Purchaser, Beneficiary, and any Purchaser’s Legal Successor. Parties will have 60 days to respond from the date of the mailing. Failure to respond within the time given will result in the rights to distribution of Educational Benefits being forfeited and the Contract Terminated. The balance of payments made, minus any Program Fees will be turned over to the State Treasurer as unclaimed property for proper disposition.
Forfeiture of Contract. (a) The Contractor must forfeit all benefits of the Contract and City must retain all performance by the selected Contractor and recover all consideration or the value of all consideration paid to the Contractor pursuant to the Contract if:
Forfeiture of Contract. In the event that the Contractor fails to carry out any of the obligations, covenants, and terms herein provided, whether by reason of strikes, force majeure, bankruptcy or insolvency, or for any reason, the Township may cause the operation to be carried out with its own or other forces and may charge the cost for so doing to the Contractor as against money owing to the Contractor or from the bond herein referred to. If the Contractor: o neglects or refuses to sign an agreement within seven (7) days of being advised in writing that his bid has been accepted; o neglects or fails to commence operations of the date specified in the agreement; o becomes bankrupt or insolvent or compound with his creditors; o commits any act of insolvency; o transfers, assigns, sublets or attempts to transfer, assign or sublet this contract or any part thereof, without consent of the Director of Public Works; o fails in the opinion of the Director of Public Works after having been given seventy-two (72) hours written notice to execute the work or any part thereof in a sound and competent manner satisfactory in all respects in strict conformity with the contract. Then in each and every case, after seventy-two (72) hours written notice from the Director of Public Works to the Contractor, the Director of Public Works shall have full right and power, at his discretion, without process or action at law, to take over the whole contract, or any part or parts thereof specified in the said notice out of the hands of the Contractor. The Contractor upon receiving notice to that effect, shall vacate possession and give up said Public Works, on the part or parts thereof specified in the said notice, peaceably to the Director of Public Works, who may either relet the same to any other person or persons, with or without its previously being advertised or may employ workers and provide the necessary plant at the expense of the Contractor or may take any other steps as the Director of Public Works may consider necessary or advisable in order to secure the completion of the said contract to his satisfaction; and the Contractor and his surety in every case shall be liable for all damages, expenditures and extra expenditure, and for all additional cost of the work which may be incurred by reason thereof.
Forfeiture of Contract. If Contractor has done business with a Key Contracting Person as listed in Exhibit "1" to Attachment D during the 365 day period immediately prior to the date of execution of this Contract by Contractor or does business with any Key Contracting Person at any time after the date of execution of this Contract by Contractor (including business done during any Renewal Term of this Contract) and prior to full performance of this Contract, Contractor will forfeit all County benefits of this Contract and County will retain all performance by Contractor and recover all considerations, or the value of all consideration, paid to Contractor pursuant to this Contract. Contractor will notify County of any change in the information submitted with this Contract as to the Ethics Sworn Declaration within twenty (20) days of such change throughout the Initial Term and/or any Renewal Term.
Forfeiture of Contract. DRAFT The person or persons to whom the “Notice of Award” has been mailed and has not executed the “Form of Contract”, the “Contract Bond” and provided the Proof of Insurance within the ten (10) days as specified in the section entitled “Final Award”, shall be considered in default thereof and the deposit accompanying his Proposal shall thereupon be forfeited to and retained by the Owner as liquidated damages for any expense or delay which may be incurred in making another letting for the performance of said work and to indemnify said Owner for any loss which he may sustain. The Project may then be re-advertised or let to the next highest or next best bidder, as the Owner may determine.
