Common use of Termination Due to the Lack of Funds Clause in Contracts

Termination Due to the Lack of Funds. In the event funds to finance this Contract become unavailable, or if federal or state funds upon which this Contract is dependent are withdrawn or redirected, Commerce may terminate this Contract upon no less than 24 hours’ notice in writing to Contractor. Said notice shall be delivered by certified mail, return receipt requested or in person with proof of delivery. Commerce shall be the final authority as to the availability of funds and will not reallocate funds earmarked for this Contract to another program thus causing “lack of funds.” In the event of termination of this Contract, Contractor will be compensated for any work satisfactorily completed prior to notification of termination.

Termination Due to the Lack of Funds. In the event funds to finance this Contract become unavailable, unavailable or if federal or state funds upon which this Contract is dependent are withdrawn or redirected, Commerce may terminate this Contract upon no less than 24 twenty-four (24) hours’ notice in writing to Contractor. Said notice shall be delivered by certified mail, return receipt requested or in person with proof of delivery. Commerce shall be the final authority as to the availability of funds and will not reallocate funds earmarked for this Contract to another program thus causing “lack of funds.” In the event of termination of this ContractContract under this provision, Contractor will be compensated for any work satisfactorily completed prior to notification of termination.