Common use of Notice; Opportunity to Cure Clause in Contracts

Notice; Opportunity to Cure. If, through any cause, Contractor shall default in performance of any of the terms of this Contract and has failed to cure or to take necessary action to cure such default as provided herein, the Authority may terminate this Contract. In such event, all finished or unfinished items of Work and any documents, data, studies and reports to be provided or prepared by Contractor under this Contract shall, at the option of the Authority, become the property of the Authority. If the Contract is so terminated, the Authority may take over the Work and prosecute same to completion by contract or otherwise and contractor shall be liable to the Authority for any excess costs occasioned thereby. Any such excess costs shall be liquidated by use of the retained percentages of progress payments due for Work completed prior to termination for default. If such retained funds are not sufficient to liquidate such liability, the Authority shall make a written demand upon Contractor for the unpaid liquidated balance thereof and Contractor shall promptly remit payment thereof.