Common use of Termination by Owner for Convenience Clause in Contracts

Termination by Owner for Convenience. 12.4.1 Upon written notice to the Construction Manager, the Owner may, without cause, terminate this Agreement effective upon the date identified by the Owner in the written notice. The Construction Manager shall immediately stop the Work, follow the Owner's instructions regarding shutdown and termination procedures, and strive to minimize any further costs. Provisions of law as contained in Chapter 573A, Code of Iowa, which pertains to termination of contracts for construction of public improvements when Work thereon is stopped because of a national emergency, shall apply to and be a part of this Agreement and binding upon all Parties hereto, including Subcontractors and Sureties. 12.4.2 If the Owner terminates the Agreement for Convenience, the Construction Manager shall be paid (a) for the Work performed to date including Overhead and Profit; (b) for all demobilization costs and costs incurred as a result of the termination but not including Overhead or Profit on Work not performed.