AgdaPkt 2005-03-14 - Laserfiche WebLink

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� • � � �-- �2, costs pertaining to the Work which CM/GC may incur solely as a result of such termination as approved by City/Agency, less (3) payments made prior to the notice of termination; provided, however, that in no event shall the total amount paid to CM/GC pursuant to the reasonable value of the Work and Services performed. Any payment under this Paragraph 15(B)(3) shall be made only upon the expiration of the period within which stop notices may be filed under the laws of the State of California, or City's/Agency's receipt of all requested statutory lien waiver and release forms, subject in either case, however, to withholding by City/Agency for reasons and in the manner provided in the Contract Documents pertaining to withholding of payments. Any dispute over the amount to be paid upon termination shall be resolved in accordance with the dispute resolution provision of the Contract Documents. 4) In the event of termination of the Contract pursuant to this Paragraph 15(B), CM/GC shall, at City's/Agency's request, assign to City/Agency all of its right, title and interest in and to all or some of the Trade Contracts assigned to CM/GC under this Contract. 5) Acceptance by CM/GC of the payments referred to in Subparagraph 3 shall operate as a complete release of all claims against City/Agency under the Contract Documents or otherwise for payment for the Work and the Services. This release shall not apply to the CM/GC's claims for personal injury or property damage occurring prior to the termination of the Contract. CM/GC shall, as a condition of receiving the payments referred to herein, execute and deliver all Documents and take all steps, including the legal assignment of its contractual rights under the Trade Contracts, as City/Agency may require for the purpose of fully vesting in City/Agency all rights and benefits of CM/GC under such contracts. C. Termination bv Citv/Aqencv Based upon CM/GC's Default. If CM/GC fails to provide the insurance or performance and payment bonds described above, is adjudged a bankrupt, or if it makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of its insolvency, or if it refuses or fails to supply enough properly skilled workers or proper materials, or if it fails to make proper payment to Trade Contractors for materials or labor, or disregards laws, ordinances, rules, regulations or orders of any public authority having jurisdiction, or otherwise fails to perform any of its material obligations under this Agreement, (collectively referred to as "Violation"), then City/Agency may, without prejudice to any right or remedy and after giving CM/GC and its surety, if any, seven days' written notice, during which period CM/GC fails to take reasonable steps to cure the Violation, terminate CM/GC and take possession of the Project site and of all materials, equipment, tools, construction, equipment and machinery thereon owned by CM/GC, and assignment or some or any of the Trade Contracts and may finish the Project by whatever reasonable method it may deem expedient. In such case, CM/GC shall not be entitled to receive any further payment until the Project is Atty/Ag r/2005.003 030805/L.Beck/607588v7 Page 10 of 30