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<br />00700 - 36/38 <br />15.2 TERMINATION OF AGREEMENT BY OWNER (CONTRACTOR DEFAULT) <br /> <br />A. In the event of default by the CONTRACTOR, the OWNER may give ten (10) <br />days written notice to the CONTRACTOR of OWNER's intent to terminate the <br />Agreement and provide the CONTRACTOR an opportunity to remedy the <br />conditions constituting the default. It shall be considered a default by the <br />CONTRACTOR whenever CONTRACTOR shall: (1) declare bankruptcy, become <br />insolvent, or assign its assets for the benefit of its creditors; (2) fail to provide <br />materials or workmanship meeting the requirements of the Contract Documents; <br />(3) disregard or violate provisions of the Contract Documents or ENGINEER's <br />instructions; (4) fail to prosecute the Work according to the approved progress <br />schedule; or, (5) fail to provide a qualified superintendent, competent workmen, <br />or materials or equipment meeting the requirements of the Contract Documents. <br />If the CONTRACTOR fails to remedy the conditions constituting default within the <br />time allowed, the OWNER may then issue the Notice of Termination. <br /> <br />B. In the event the Agreement is terminated in accordance with Paragraph 15.2A, <br />herein, the OWNER may take possession of the Work and may complete the <br />Work by whatever method or means the OWNER may select. The cost of <br />completing the Work shall be deducted from the balance which would have been <br />due the CONTRACTOR had the Agreement not been terminated and the Work <br />completed in accordance with the Contract Documents. If such cost exceeds the <br />balance which would have been due, the CONTRACTOR shall pay the excess <br />amount to the OWNER. If such cost is less than the balance which would have <br />been due, the CONTRACTOR shall not have claim to the difference. <br /> <br />15.3 TERMINATION OF AGREEMENT BY OWNER (FOR CONVENIENCE) <br /> <br />A. The OWNER may terminate the Agreement at any time if it is found that reasons <br />beyond the control of either the OWNER or CONTRACTOR make it impossible <br />or against the OWNER's interests to complete the Work. In such a case, the <br />CONTRACTOR shall have no claims against the OWNER except: (1) for the <br />value of Work performed up to the date the Agreement is terminated; and, (2) for <br />the cost of materials and equipment on hand, in transit, or on definite <br />commitment, as of the date the Agreement is terminated, which would be needed <br />in the Work and which meet the requirements of the Contract Documents. The <br />value of Work performed and the cost of materials and equipment delivered to <br />the site, as mentioned above, shall be determined by the ENGINEER in <br />accordance with the procedure prescribed for the making of the final application <br />for payment and payment under Paragraphs 14.8 and 14.9. <br /> <br />15.4 TERMINATION OF AGREEMENT BY CONTRACTOR <br /> <br />A. The CONTRACTOR may terminate the Agreement upon ten (10) days written <br />notice to the OWNER, whenever: (1) the Work has been suspended under the <br />provisions of Paragraph 15.1, herein, for more than ninety (90) consecutive days <br />through no fault or negligence of the CONTRACTOR, and notice to resume Work <br />or to terminate the Agreement has not been received from the OWNER within <br />this time period; or, (2) the OWNER should fail to pay the CONTRACTOR any <br />monies due him in accordance with the terms of the Contract Documents and <br />within 60 days after presentation to the OWNER by the CONTRACTOR of a <br />request therefor, unless within said 10-day period the OWNER shall have