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<br /> <br />equipment to be installed, incorporated, or used in the performance of the Work. The <br />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 shall <br />credit Contractor for all materials and supplies on the worksite or on order, but not yet <br />paid for by City, provided that ownership is transferred and assigned to the City and the <br />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 the <br />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 shall <br />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 City <br />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, with <br />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 subcontractors <br />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 damages <br />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 />1.6 INSURANCE <br />A. The Contractor shall comply with the following conditions and procure and keep in force during <br />the term of this Contract, at the Contractor’s own cost and expense, the following policies of <br />insurance with companies authorized to do business in the State of Washington, which are rated