5.4. SR 05-21-2007 - Laserfiche WebLink

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.5 is adjudged a bankrupt or insolvent, or makes a general assignment for the benefit of Contractor's creditors, or a trustee or receiver is appointed for Contractor or for any of its property, or files a petition to take advantage of any debtor's act, or to reorganize under bankruptcy or similar laws; or .6 otherwise does not fully comply with the Contract Documents. 14.2.2 Subparagraph; Beginning in Line 1, after "Owner" delete ", and upon certification by the Architect that sufficient cause exists to justify such action,"; Line 4; After "seven" add "(7)"; and , after "notice" delete the balance of the Subparagraph and substitute the following: "(except in cases of emergency as reasonably determined by Owner), terminate the services of the Contractor and may,"; ".1 take possession of the site and Project and of all materials, equipment, tools and construction equipment and machinery thereon owned, rented, or leased by the Contractor, .2 accept assignment of Subcontracts pursuant to Paragraph 5.4; and .3 finish the Work by whatever method the owner may deem expedient." 14.2.3 Subparagraph; Add at the end: The Owner may withhold from any final payment due the Contractor such amounts as are incurred or expended by the Owner on account ofthe termination of the Contract." 14.2.4 Subparagraph; Delete in its entirety and substitute the following: To the extent the costs of completing Work, including compensation for additional professional services and expenses, exceed those costs which would have been payable to Contractor to complete the Work except for Contractor's default, Contractor will pay the difference to Owner, and this obligation for payment shall survive termination of the Contract. Such costs incurred by Owner will be determined by the Owner and confirmed by the Architect. 311340v 1 JMS EL185-6 15