Reso 2011-1749 - Laserfiche WebLink

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15.6 CITY'S Right to Withhold Payment. The CITY may withhold in whole or in part, final payment or any progress payment to such extent as may be necessary to protect itself from loss on account of: 15.6.1 Defective work not remedied. 15.6.2 Claims filed or reasonable evidence indicating the probable filing of claims by other parties against the CONTRACTOR. 15.6.3 Failure of the CONTRACTOR to make payment to Subcontractors or Suppliers for materials or labor. 15.6.4 Damage to another contractor not remedied. 15.6.5 Liability for liquidated damages has been incurred by the CONTRACTOR. 15.6.6 Reasonable evidence that the work cannot be completed for the unpaid balance of the contract sum. 15.6.7 Reasonable evidence that the work will not be completed within the Contract time. 15.6.8 Failure to carry out the work in accordance with the Contract Documents. When the above grounds are removed or resolved or the CONTRACTOR provides a surety bond or consent of surety satisfactory to the CITY which will protect the CITY in the amount withheld, payment may be made in whole or in part. ARTICLE 16 - TERMINATION OF THE CONTRACT 16.1 CITY'S Right to Terminate. Upon the occurrence of anyone or more of the following events: 16.1.1 If CONTRACTOR commences a voluntary case under any chapter of the Bankruptcy Code as now or hereafter in effect, or if CONTRACTOR takes any equivalent or similar action by filing a petition or otherwise under any other federal or state law in effect at such time relating to the bankruptcy or insolvency. 16.1.2 If a petition is filed against CONTRACTOR under any chapter of the Bankruptcy Code as now or hereafter in effect at the time of filing, or if a petition is filed seeking any such equivalent or similar relief against CONTRACTOR under any other federal or state law in effect at the time relating to bankruptcy or insolvency. 16.1.3 If CONTRACTOR makes a general assignment for the benefit of creditors. 31 C' n d _J