Common use of Meaning of Default Clause in Contracts

Meaning of Default. The words "Owner declares a default on the CM/GC contract" as used in this section shall mean when the Owner issues a notice of declaration of default in writing to the surety and CM/GC and demands that the surety shall give written notice of its election (i) to remedy or (ii) to perform as fully set out in the performance bond. The Program Manager does not have authority (a) to declare the CM/GC in default or (b) to give the CM/GC or surety a notice of termination or notice of intention to terminate.

Meaning of Default. The words "Owner declares a default on the CM/GC contract" as used in this section shall mean when the Owner issues a notice of declaration of default in writing to the surety and CM/GC and demands that the surety shall give written notice of its election (i) to remedy or (ii) to perform as fully set out in the performance bond. The Program Manager does not have authority (a) to declare the CM/GC in default or (b) to give the CM/GC or surety a notice of termination or notice of intention to terminate.or