Common use of Owner’s Right to Terminate for Convenience Clause in Contracts

Owner’s Right to Terminate for Convenience. 16.3.1 Upon thirty (30) Days’ written notice to Vendor, Owner may, for its convenience and without cause, elect to terminate this Agreement. In such event, Owner shall pay Vendor for the following (without duplication): (a) To the extent not already paid, all work completed in accordance with the Contract Documents; (b) The reasonable costs and expenses attributable to such termination, including demobilization costs and amounts due in settlement of terminated contracts with Vendor’s subcontractors and suppliers, including cancellation payments agreed between Vendor and such subcontractors and suppliers, and the cancellation payment schedule set forth in Exhibit D, if any; (c) Overhead and profit margin in the amount of [*] on item (b) above; and (d) All retainage withheld by Owner on account of work that has been completed in accordance with the Contract Documents (or return of any letter of credit that may have been provided by Vendor in lieu of such retainage); provided, however, that the total amount payable by Owner pursuant to this Section 16.3.1 shall not in any circumstance exceed the Contract Price.