R2002-57 ACCEPTING THE BID AND AUTHORIZING THE EXECUTION OF AN AGREEMENT

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, '.. 5.2.2 The Owner's final paym�t to the Contractor shall be made no later than 2ldays after the issuance of the Final Request for Payment. ARTICLE 6 TERMINATION OR SUSPENSION 6.1 The Contract may be terminated by the Owner or the Contractor as provided as follows: �.1.� Teimination by the Contrador if�e Work is stopped for a period of thirty days under and order of any court or c�the,�public authority haviag jurisdictiai,or as a resu(t of an act of govemme,nt,such as a d�laration of a national emagency making materials imavailable through no act or fault of the Contractor ar a Subcontractor or their agents or employees or any other p�sons performing any ' of the Work under a C�tract with the Contractor,or if the Work should be stopped for a p�iod of ffiirty days by the Contractor because tt�e Owner has not made payment there�as provided in Paragraph 5.1,then#i�e Contrador may, upon seven additional days'written notice to the Ov►mer t�ninate the Contrad and recover from the Own�payment for all V1�ork executed and for any proven loss sustain�l upon any materials,equipment,tools,construction equipment and machinery,including reasonable profit and damages. �.1.2 Termination by the Own�if t�e Contractc�r is adjudged a banlavp#,or if he makes a g�eral assig�ment for ihe b�efit of his creditors,a�if a receive.r is appointed on account of his insolvency,or if he p�sist�tly or repeatedly refuses or fails,except in cases for which e�ctensi�of time is provided,to supply enough properly skilled workmen or proper mat�ials,or if he faits to make prompt payment to Subcontractors or for mat�ials o�r labor,or persist�tly disregards laws,ordinances,rules,regulations ar orders of any public sutfi�ity having jurisdiction,or o1�en�se is guil#y of a substanrial vifliation of a provision of the Contract Documents,th�the Owner,upon certificati�by the Architect�at sufficient cause exists to justify such action,may,without prejudice to any right or remedy and after giving the Contractor and his surety, if any,seven days'written notice,terminate the employment of the Contractor and#ake possession of the siie and of aii mate�ials,#��n ov�ed by i�ie Ctmiractor and may finish tiie Work by vvhatever method he may de,em expedient. In such case dle Contractor shall not be entitled to reoeive any furt�er payment until tfie Work is finished_ 6.t 3 If the unpaid balance of the Goniract Sum exceeds the costs of finishing t.�e 'Work,including compensation for an Engineeas addifi�al service made necessary th�eby,such excess shall�e�aid to the Coniractor. If such� exce�d the unpaid balance,the Contractor shall pay the difference to the Owner. The amount to be paid to the Contractor or to the Owner,as the case may be, shall be certified by the Engine�r,upon application,in the manner provided in Paragraph 5.21 this ohligatian for payment shall survive the termination of the Contra�t. ARTICLE 7 MISCELLA1�tE0US PROVISIONS 7.1 Payments due and unpaid under the Contract shall bear interest from the date payment is due at the rate stated below,or in the absence th�eof,at the legal rate prevailing from time to time at the place wh�e�e Project is located. 2'/.per mant�—2Ae/. �er year. (Usury daws and reqairements under the Federat Truth in Lenriing Act,similar state and local consumer credit laws and other regulations at the Owner's and Condactos's principal places o,Jbusi»ess the Iocation of the Pro�ect ared elsewhere may affect the validity of the provision. Legal advice should be obtained with respect to deledons or modificaiions,and also regarding reqnirements sucb as written disclosures or waivers.)