Common use of Recourse to Performance and Payment Bond; Other Remedies Clause in Contracts

Recourse to Performance and Payment Bond; Other Remedies. Upon the occurrence of default, the Authority may (1) call upon the sureties to perform their obligations under the Performance and Payment Bond or (2) in the alternative, the Authority may take over the Work and complete the Work by its own devices, or may enter into a new contract for the completion of the Work, or may use such other legal methods as in the opinion of the Authority shall be required for the completion of the Work. Remedies Not Exclusive. No remedy under the terms of this Contract is intended to be exclusive of any other remedy, but each and every such remedy shall be cumulative and shall be in addition to any other remedies, existing now or hereafter, at law, in equity or by statute. No delay or omission by the Authority to exercise any right or power accruing upon any event of default shall impair any such right or power nor shall it be construed to be waiver of any event of default or acquiescence therein, and the Authority may exercise every such right and power from time to time as often as it may deem expedient. If the Authority terminates all or any part of this Contract for Contractor's default, and if that termination is determined in a court of competent jurisdiction to have been wrongful, then in that case the termination shall be deemed to be a termination for convenience.