Common use of Lapse of Insurance Clause in Contracts

Lapse of Insurance. In the event Professional Services Consultant loses insurance coverage, Professional Services Consultant shall stop work and shall immediately notify Owner of such cancellation or other loss of insurance coverage. Owner shall withhold any future payments due to Professional Services Consultant until the matter is resolved. Owner reserves the right to pursue any legal action necessary to cover losses. If Professional Services Consultant procures replacement insurance in accordance with Contract Documents. Owner reserves the right to allow Professional Services Consultant to continue work. There shall be no time credit for days not worked pursuant to this section.