Common use of Termination by Owner Without Cause Clause in Contracts

Termination by Owner Without Cause. If the Owner terminates this Agreement other than as set forth in Paragraph 11.2, the Owner shall pay the Contractor for all Work executed and for any proven loss, cost or expense in connection with the Work, plus all demobilization costs. In addition, the Contractor shall be paid an amount calculated as set forth below: .1 If the Owner terminates this Agreement prior to commencement of the construction, the Contractor shall be paid the unpaid balance of the Contractor’s design costs as set forth in the Schedule of Values plus 5% of the remaining balance of the Contract Price. .2 If the Owner terminates this Agreement after commencement of the construction, the Contractor shall be paid the unpaid balance of the Contractor’s design costs as set forth in the Schedule of Values plus 10% of the remaining balance of the Contract Price. .3 In either event, the initial payment as provided in Paragraph 9.1 shall be credited to the Owner’s account at the time of termination. .4 The Owner shall also pay to the Contractor fair compensation, either by purchase or rental at the election of the Owner, for any equipment retained. The Owner shall assume and become liable for obligations, commitments and unsettled claims that the Contractor has previously undertaken or incurred in good faith in connection with the Work or as a result of the termination of this Agreement. As a condition of receiving the payments provided under this Article 11, the Contractor shall cooperate with the Owner by taking all steps necessary to accomplish the legal assignment of the Contractor’s rights and benefits to the Owner, including the execution and delivery of required papers.