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and equipment to be installed, incorporated,or used in the performance of the Work. <br /> The City shall credit Contractor for the reasonable,fair market rental value of any and all <br /> Contractor-owned equipment for so long as retained and used by the City. The City <br /> shall credit Contractor for all materials and supplies on the worksite or on order, but not <br /> yet paid for by City, provided that ownership is transferred and assigned to the City and <br /> the materials and supplies conform to the requirements of the Contract Documents. <br /> (2) If the unpaid balance of the Contract Price exceeds the direct and indirect cost of the <br /> completed Work, including construction management services,such excess shall be paid <br /> to the Contractor. If such costs exceed such unpaid balance,the Contractor shall pay <br /> the difference to the City. Such costs incurred by the City will be verified by the City and <br /> incorporated into a change order, but in finishing the Work,the City may negotiate for <br /> materials,equipment,and services to complete the Work and will not be required to <br /> obtain the lowest figure for Work performed. <br /> (3) Where the Contractor services have been so terminated by the City,the termination <br /> shall not affect any rights of the City against the Contractor then existing or which may <br /> thereafter accrue. Any retention or payment of monies due to the Contractor by the <br /> City will not release the Contractor from liability. <br /> (4) If the City terminates this Contract for default,and it is thereafter determined that the <br /> Contractor had not so failed to perform its obligations or defaulted in any way,the <br /> termination shall then be deemed to have been made for the convenience of the City <br /> pursuant to subsection B. below,Termination for Convenience. <br /> B. Termination for Convenience. Without prejudice to any other remedy it may have under law or <br /> and/or the provisions of the Contract,the City may terminate this Contract for convenience, <br /> with or without cause, in whole or in part, at any time by giving written notice to the Contractor. <br /> Termination will be effective upon receipt of such notice by the Contractor. The Contractor shall <br /> immediately discontinue Work and take all reasonable steps with its suppliers and <br /> subcontractors to minimize cancellation charges and other costs. <br /> (1) After termination for convenience, payment to the Contractor shall only be for Work <br /> completed through the termination date. <br /> (2) To the extent not paid for by the Contract Price for completed Work,the City will pay as <br /> part of an adjustment of Contract Price those direct costs necessarily and actually <br /> incurred by the Contractor in reasonable anticipation of performing the Work that has <br /> been deleted or terminated. <br /> (3) No claim for damages of any kind for loss of anticipated profits or consequential <br /> damages will be allowed because of termination for convenience. <br /> (4) In no event will the total payment to the Contractor exceed the total Contract Price as <br /> modified by approved change orders less those amounts paid to the Contractor before <br /> the effective date of the termination. <br /> General Conditions-5 <br />