January 20, 2014 · 10:27 AM
Did your contract just get axed? Read on. (Picture by Hans Braxmeier / pixabay.com)
Most private owners negotiate for a contract clause permitting them to terminate a construction agreement without regard to the quality of the contractor’s performance. These so-called “termination for convenience” clauses come in handy when, for example, an owner’s financing runs dry and a project must be halted. A termination for convenience clause allows an owner to cancel a project without materially breaching the contract and avoid paying the contractor its anticipated lost profit on unperformed work.
Continue reading →
Filed under Construction Risk Management, Termination Claims
Tagged as NC construction attorney, NC construction law, nc construction law firm, north carolina construction attorney, North Carolina Construction Law, north carolina construction law firm, north carolina construction lawyer, raleigh construction attorney, raleigh construction law, raleigh construction law firm, Termination for Convenience, what to do when terminated for convenience