Learn How to Exercise the Right of Termination to Maximize the Benefit of the Termination Provisions
One of the primary protections the parties to a construction contract have is the right of termination. The termination provisions give all parties to the contract an ability to protect themselves from further harm that can arise with a construction project that has gone wrong for whatever reason. For example, the contractor is being delayed to such an extent that it is impacting commitments for other projects or significantly increasing the cost of the project. The exercise of the right of termination by the contractor can eliminate further financial injury. Likewise, an owner may want to terminate a project because of financing issues or defective workmanship by the contractor. Whatever the reason for termination and regardless of which party seeks to exercise the right of termination, both parties need to know what rights and obligations they have regarding termination and what risks can be shifted to the other party.
This session by expert speaker John A. Snow will cover the options that can be included in a termination provision, and the provisions for shifting risks regarding termination. John will address issues of wrongful termination and corresponding compensation to the non-terminating party. Knowing the actual legal principles and options related to the termination of a construction contract will assist the parties in preparing a contract that best protects their interest and reduces risk, and exercise the right of termination in a manner that maximizes the benefit of the termination provisions.
With this session, you will learn common legal concepts and principles, and review typical termination provisions, related to construction contracts, and the allocation of risk related to the termination of a contract. This knowledge will assist you in knowing why certain termination provisions in a construction contract should be included or omitted, and how they can affect other provisions of the contract, and what actions should or should not be taken to better protect your interest in the event of termination.
You will be able to better understand the rights of termination of a construction contract by either party, and the effect of exercising the right of termination. You will understand the compensation that is payable when a contract is terminated either correctly or incorrectly. With this session, you will be better able to craft a construct contract that better protects your interest with a project that is not proceeding as planned.
- Contract terms providing for the right of termination
- Contract provisions allocating risk and rights upon termination
- Contract provisions allowing for termination “without cause”
- Contract terms requiring “cause” for termination
- Termination provisions to offset harm caused by delays
- Termination provisions addressing unknown or unforeseen conditions
- The effect of wrongful termination by the owner
- The effect of wrongful termination by the contractor
- Typical termination provisions and how they work
- Termination provisions and liquidated damages
- Obligations of mitigation and avoidance
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