Explain how termination clauses are used on construction projects
What will be an ideal response?
In some regions of the world, owners are allowed to terminate contracts merely for their convenience even if there is no specific clause in a contract. Other governments do not allow such unilateral termination unless there is a termination clause in the contract. Some legal systems require judicial consent for owners to terminate contracts without termination clauses. If termination clauses are used, contracts should state the conditions under which an owner is allowed to terminate a contract. Some contracts state that contractors are allowed to terminate contracts if owners do not provide prompt payment, if an owner orders a long suspension of work, or if an owner files for bankruptcy. Some judicial systems do not allow parties to terminate contracts solely on the basis of the bankruptcy of the other party to a contract. Bankruptcy proceedings exist throughout the world, except in India, and they may be called: receivership, liquidation, insolvency, the assignment of assets, or reorganization (UNCITRAL, 1988).
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What will be an ideal response?
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What will be an ideal response?
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