SRTA Damages/Remedies. Upon the occurrence of an Event of Default, SRTA may, in addition to and without prejudice to all other contractual remedies and/or remedies allowed at law or in equity, proceed to take any or all of the following actions:
SRTA Damages/Remedies. Upon the occurrence of an Event of Default, SRTA may, in addition to and without prejudice to all other contractual remedies and/or remedies allowed at law or in equity, proceed to take any or all of the following actions: Withhold any money then due and/or thereafter due to Contractor; Perform or cause to be performed for the account of Contractor any contractual obligation, the performance of which the Contractor is in default, or make any payment for which the Contractor is in default. The Contractor shall pay to SRTA upon demand any amount paid or incurred by SRTA in the performance of such obligation. Any amounts which have been paid or incurred by reason of failure of the Contractor to comply with any obligation or provision of this Contract shall bear interest at the Default Rate, which shall be defined as the Prime Rate plus five (5) percent, but in no case higher than the highest rate permitted by law, from the date of payment by SRTA until paid by the Contractor (“Default Rate”); and Obtain the Services, or a portion thereof, from a third party under substantially similar terms of this Contract, and recover from Contractor all additional costs and expenses paid or incurred by SRTA as a result of the Event of Default, plus all additional costs paid or incurred by SRTA to obtain the replacement Services as set forth in this Section. COOPERATION, TRANSITION OF WORK, AND END OF CONTRACT RESPONSIBILITIES.
