Common use of Procedure on Termination Clause in Contracts

Procedure on Termination. Upon delivery by certified mail to the Lessee of a Notice of Termination specifying the nature of the termination, the extent to which performance of work under the Lease is terminated, and the date upon which such termination becomes effective, the Lessee shall: 1. Stop work under the Lease on the date and to the extent specified in the Notice of Termination; 2. Place no further orders for materials, services, or Lessorilities, except as may be necessary for completion of such portion of the work under the Lease as is not terminated; 3. Terminate all orders to the extent that they relate to the performance of work terminated by the Notice of Termination; 4. Assign to the Commonwealth in the manner and to the extent directed by the purchasing official, all of the right, title, and interest of the Lessee under the orders so terminated, in which case the Commonwealth shall have the right, at its discretion, to settle or pay any or all claims arising out of the termination of such orders; 5. With the approval or ratification of the purchasing official, settle all outstanding liabilities and claims arising out of such termination of orders, the cost of which would be reimbursable in whole or in part, in accordance with the provision of the Lease; 6. Transfer title to the Commonwealth (to the extent that the title has not already been transferred) and deliver in the matter, at the times, and the extent directed by the purchasing official, all permanent fixture, permanent equipment, and other permanent items, in any form, that relate to the work terminated by the Notice of Termination; 7. Complete the performance of such part of the work as shall not have been terminated by the Notice of Termination. 8. Take such action as may be necessary, or as the purchasing official may direct, for the protection and preservation of the property related to the Lease which is in the possession of the Lessee and in which the Commonwealth has or may acquire an interest. The Lessee shall proceed immediately with the performance of the above obligations notwithstanding any delay in determining or adjusting the amount of any item of reimbursable price under this clause.

Procedure on Termination. Upon delivery by certified mail to the Lessee Offeror of a Notice of Termination specifying the nature of the termination, the extent to which performance of work under the Lease contract is terminated, and the date upon which such termination becomes effective, the Lessee Offeror shall: 1. Stop work under the Lease contract on the date and to the extent specified in the Notice of Termination; 2. Place no further orders for materials, services, or Lessorilitiesfacilities, except as may be necessary for completion of such portion of the work under the Lease contract as is not terminated; 3. Terminate all orders to the extent that they relate to the performance of work terminated by the Notice of Termination; 4. Assign to the Commonwealth in the manner and to the extent directed by the purchasing official, all of the right, title, and interest of the Lessee Offeror under the orders so terminated, in which case the Commonwealth shall have the right, at its discretion, to settle or pay any or all claims arising out of the termination of such orders; 5. With the approval or ratification of the purchasing official, settle all outstanding liabilities and claims arising out of such termination of orders, the cost of which would be reimbursable in whole or in part, in accordance with the provision of the Leasecontract; 6. Transfer title to the Commonwealth (to the extent that the title has not already been transferred) and deliver in the matter, at the times, and the extent directed by the purchasing official, all permanent fixture, permanent equipment, and other permanent items, in any form, that relate to the work terminated by the Notice of Termination; 7. Complete the performance of such part of the work as shall not have been terminated by the Notice of Termination. 8. Take such action as may be necessary, or as the purchasing official may direct, for the protection and preservation of the property related to the Lease contract which is in the possession of the Lessee Offeror and in which the Commonwealth has or may acquire an interest. The Lessee Offeror shall proceed immediately with the performance of the above obligations notwithstanding any delay in determining or adjusting the amount of any item of reimbursable price under this clause.