Common use of CONTINGENT ASSIGNMENT OF SUBCONTRACT Clause in Contracts

CONTINGENT ASSIGNMENT OF SUBCONTRACT. 5.3.1 If this Agreement is terminated, each subcontract agreement shall be assigned by the Design-Builder to the Commission, subject to the prior rights of any surety, provided that: 5.3.1.1 this Agreement is terminated by the Commission pursuant to Article 19 of Book 2; and 5.3.1.2 the Commission accepts such assignment, after termination by notifying Subcontractor and Design-/Builder in writing, and assumes all rights and obligations of the Design-Builder pursuant to each subcontract agreement. 5.3.2 If the Commission accepts such assignment and the Work has been suspended for more than thirty (30) consecutive Days, following termination, if appropriate, the Subcontractor’s compensation shall be equitably adjusted as a result of the suspension.

Appears in 3 contracts

Sources: Design Build Agreement, Design Build Agreement, Design Build Agreement