Common use of Failure to Prosecute Work Clause in Contracts

Failure to Prosecute Work. 11.1. Time and quality of work shall be of the essence of this Contract. In case CONTRACTOR at any time shall fail in any way to prosecute the work herein provided for with reasonable diligence and in a good, workmanlike and safe mariner, COMPANY at its option upon three days written notice delivered to CONTRACTOR, or its representative, or deposited in a registered mail or courier service for which receipt is returned, terminate the work hereunder and thereafter proceed with action for damages, or in the alternative, by its own employees, or by separate independent contract, take control of this work for the purpose of completing the same, furnishing all additional; labor, materials and equipment required except for that equipment or materials which were previously furnished by or bought by COMPANY for CONTRACTOR'S performance of work and services hereunder. In the latter event, CONTRACTOR *CONFIDENTIAL TREATMENT REQUEST. THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION. EXHIBIT 10.32 shall be entitled, upon completion of the work, to the difference between the Contract price and the reasonable cost and expense incurred by COMPANY in finishing said work. If such cost of completion should exceed the Contract price, CONTRACTOR agrees to pay the excess to COMPANY as liquidated damages agreed upon by the parties hereto in consideration of the difficulty of ascertaining the actual damages by other means. If Contractor contends that its performance is being delayed by COMPANY in any way, it shall notify COMPANY in writing immediately of the exact nature of such claim or be held to have waived same.

Failure to Prosecute Work. 11.1. Time and quality of work shall be of the essence of this Contract. In case CONTRACTOR at any time shall fail in any way to prosecute the work herein provided for with reasonable diligence and in a good, workmanlike and safe mariner, COMPANY at its option upon three days written notice delivered to CONTRACTOR, or its representative, or deposited in a registered mail or courier service for which receipt is returned, terminate the work hereunder and thereafter proceed with action for damages, or in the alternative, by its own employees, or by separate independent contract, take control of this work for the purpose of completing the same, furnishing all additional; labor, materials and equipment required except for that equipment or materials which were previously furnished by or bought by COMPANY for CONTRACTOR'S performance of work and services hereunder. In the latter event, CONTRACTOR *CONFIDENTIAL TREATMENT REQUEST. REQUEST THE REDACTED MATERIAL HAS BEEN SEPARATELY FILED WITH THE COMMISSION. EXHIBIT 10.32 10.33 shall be entitled, upon completion of the work, to the difference between the Contract price and the reasonable cost and expense incurred by COMPANY in finishing said work. If such cost of completion should exceed the Contract price, CONTRACTOR agrees to pay the excess to COMPANY as liquidated damages agreed upon by the parties hereto in consideration of the difficulty of ascertaining the actual damages by other means. If Contractor contends that its performance is being delayed by COMPANY in any way, it shall notify COMPANY in writing immediately of the exact nature of such claim or be held to have waived same.