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I <br /> Contract obligations, or is in violation of any provisions or covenants of the Contract. Termination shall be <br /> effective upon receipt of such Notice by the Contractor. <br /> For purposes of this paragraph, the Contractor shall be deemed to be in default upon the occurrence of <br /> any one or more of the following events: <br /> 1. If Contractor is bankrupt or insolvent. <br /> 1 2. <br /> 3. If Contractor makes a general assignment for the benefit of creditors. <br /> If a trustee or receiver is appointed for Contractor, or for any of Contractor's property. <br /> 4. If Contractor files a petition to take advantage of any debtor's law, or to reorganize under <br /> 1 any bankruptcy chapter or law. <br /> 5. If Contractor repeatedly fails to make prompt payments to subcontractors or others for <br /> labor, materials, or Equipment. <br /> 6. If Contractor disregards laws, ordinances, rules, regulations, or orders of any public body <br /> having jurisdiction. <br /> 7. If Contractor disregards the authority of the Owner, Engineer or Owner's Representative. <br /> 8. If Contractor violates in any substantial way the provisions of the Contract Documents or <br /> fails, neglects, or refuses to procee( in compliance with the provisions of the Contract <br /> Documents. <br /> 9. If the Contractor made material misrepresentations to the Owner with respect to: (a) its <br /> qualifications or those of its subcontractors; (b) its or its subcontractors' ability to perform <br /> the Work in a timely, workmanlike manner; (c)the materials installed or to be installed; or <br /> (d)progress pay estimates. <br /> After termination of the Contractor for default, the Owner may transfer performance of the work to the <br /> Contractor's surety. The Owner may exclude the Contractor from the site and take possession of the <br /> work and all of the Contractor's tools, appliances, owned or rented construction Equipment, and <br /> machinery at the site and use the same to the full extent they could be used by the Contractor. The <br /> Owner may incorporate in the work all materials and Equipment stored at the site or for which the Owner <br /> has paid the Contractor, but which are not yet on site. In such case, the Contractor will not be entitled to <br /> receive any further payment until the work is finished. At the Owner's sole option, Contractor shall assign <br /> and transfer any contractual rights to material and Equipment to be installed, incorporated, or used in the <br /> performance of the work. Owner shall credit Contractor for the reasonable fair market rental value of any <br /> and all Contractor owned equipment for so long as retained and used by the Owner. Owner shall credit <br /> Contractor for all materials and supplies on site or on order, but not yet paid for by Owner, provided that <br /> ownership is transferred and assigned to the Owner and the materials and supplies conform to the <br /> requirements of the Contract Documents. <br /> If the unpaid balance of the Contract Sum exceeds the direct and indirect cost of the completed work, <br /> including construction management services, such excess shall be paid to the Contractor. If such costs <br /> exceed such unpaid balance, the Contractor shall pay the difference to the Owner. Such costs incurred <br /> by the Owner will be verified by the Owner's Representative and incorporated into a Change Order, but in <br /> finishing the work, the Owner may negotiate for materials, Equipment and services to complete the work <br /> and will not be required to obtain the lowest figure for work performed. <br /> Where the Contractor services have been so terminated by the Owner, the termination shall not affect <br /> any rights of the Owner against the Contractor then existing or which may thereafter accrue. Any <br /> retention or payment of monies due the Contractor by the Owner will not release the Contractor from <br /> I liability. <br /> If the Owner terminates this agreement for default, and it is thereafter determined that the Contractor had <br /> not so failed to perform its obligations or defaulted in any way, the termination shall then be deemed to <br /> have been made for the convenience of the Owner pursuant to section 5.4.2.. In that event, any <br /> adjustment of Contract Sum shall be in accordance with the General Conditions. <br /> 1 EVERETT RIVERFRONT SURCHARGE GENERAL CONDITIONS <br /> PHASE 3 <br /> 00710-17 <br /> I <br />