Common use of Termination by City for Convenience Clause in Contracts

Termination by City for Convenience. The City reserves the right to terminate this Agreement at any time for the convenience of the City if the City shall determine in good faith that it is infeasible or contrary to its interests to proceed with the Development. In the event of a termination for convenience under this subsection, the City shall be liable to the Developer for reasonable and proper costs resulting from such termination which costs shall be paid to Developer within 30 days of receipt by the City of a properly presented claim setting out in detail: (i) the total of all third-party costs incurred to date of termination from July 1, 2011; (ii) the cost (including reasonable profit, not to exceed 6%) of settling and paying claims under subcontracts and material orders for work performed and materials and supplies delivered to the site, or for settling other liabilities of Developer incurred in performance of its obligations hereunder; (iii) the cost of preserving and protecting the work already performed until the City or its assignee takes possession thereof or assumes responsibility therefore; (iv) the actual or estimated cost of legal and accounting services reasonably necessary to prepare and present the termination claim to the City; and (v) fair compensation to Developer for all tasks performed to date, including reasonable profit not to exceed 6%, but with a setoff for sums previously paid by the City, or otherwise reimbursed.