Service Electric Co., Inc. 9/18/2024

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