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Waiver of Arbitration . The Owner and Contractor agree expressly waive any and all provisions regarding arbitration , including any and all provisions regarding arbitration as a condition precedent to litigation contained elsewhere in any Contract Documents , GC 50 OWNER'S RIGHT TO TERMINATE CONTRACT FOR CAUSE . If the Contractor should be adjudged bankrupt, or if he should make a general assignment for the benefit of his creditors , or if a receiver should be appointed on account of his insolvency, or if he should persistently or repeatedly refuse or should fail , except in cases for which extension of time is provided , to maintain an established schedule (30 days behind a critical path activity) , to supply enough properly skilled workmen or proper materials ; or if he should fail to make prompt payments to subcontractors or for material or labor or persistently disregard laws , ordinances or the instructions of the Engineer, or otherwise fails to conform to the Contract requirements or abandons or refuses to perform any work , Owner may without prejudice to any other right or remedy, and after giving the Contractor and its Surety seven (7 ) calendar days written notice , terminate the employment of the Contractor and take possession of the premises and of all materials , tools and appliances thereon , and finish the work bywhatever method Owner may deem expedient. In such case , the Contractor shall not be entitled to receive any further payment until Contractor cooperates with Owner and complies with all reasonable requests regarding the terminated work , the work is finished nor shall it be relieved from its obligations . If the unpaid balance of the contract price shall exceed the expense of finishing the work, including compensation for additional managerial and administrative services , this excess shall be paid to the Contractor. Reasonable termination expenses incurred by the Owner may be deducted from any payments left owing the Contractor (excluding monies owed the Contractor for subcontract work). If the Contractor's surety is directed or agrees to complete the Work , then all payments due after termination shall be made to the Surety until the Work is finished and the Contract price has been expended . The Surety shall then be responsible for all of the obligations and duties of the Contractor under the Contract Documents and shall be bound by the conditions of the Contract Documents , this Contract and the Bond to fulfill all obligations of the Contract Documents for the Contract price in effect as of termination . The Surety may not assign those obligations without the written consent of the Owner . The Surety shall be responsible for the payment of all costs relating to the termination of the employment of the Contractor. Contractor and its surety shall be jointly and severally liable for all costs in access of the Contract price for completion of the work and for liquidated damages . If, upon termination for cause it is determined that Contractor was not in default, the rights and obligations of the parties shall be as if the notice of termination has been issued for the Owner's convenience . GC 51 SUSPENSION OR TERMINATION BY OWNER FOR CONVENIENCE , 1 . The Owner may, at any time , without cause , order the Contractor in writing to suspend , delay or interrupt the Work in whole or in part for such period of time as the Owner may determine , or to terminate all or a portion of the Contract for the Owner's convenience . Upon such termination , Contractor waives any claim for damages , including loss of profits . Those Contract provisions which by their nature survive final acceptance shall remain in full force and effect . If the Owner orders a suspension , the Contract price and Contract time shall be adjusted for increases in the cost and time caused by suspension , delay or interruption . No adjustment shall be made to the extent that performance is , was or would have been so suspended , delayed or interrupted by another cause for which the Contractor is responsible ; or that an equitable adjustment is made or denied under another provision of this Contract. GC 52 CONTRACTOR OBLIGATIONS UPON TERMINATION . Upon receipt of written notice from the Owner of termination , the Contractor shall cease operations as directed by the Owner in the notice ; take actions necessary, or that the Owner may direct, for the protection and preservation of the work ; and except for work directed to be performed prior to the effective date of termination stated in the notice , terminate all existing subcontracts and purchase orders and enter into no further subcontracts and purchase orders ; and turn over all marked up drawings and specifications showing progress to date . The Owner may assume and become liable at is sole discretion for obligations , commitments and unsettled contractual claims that the Contractor has previously undertaken or incurred in good faith in connection with said Project. Owner shall reimburse the Contractor for any unpaid and earned Cost of the Project as of the date of termination , less damages or setoffs applicable under the Contract Documents . The Contractor shall , as a condition of receiving the payments referred to herein , execute and 45 F :\Engineering\Capital Projects\0604- 12th St Sidewalk Improve between 43rd Ave & 27th Ave\0604 Federal Contract Provisions .doc 8J29/20083:20:34PM