Common use of Owner’s Right to Terminate for Convenience Clause in Contracts

Owner’s Right to Terminate for Convenience. The Owner shall have the right to terminate this Contract at its own convenience for any reason by giving seven (7) days prior written notice of termination to the Contractor. The Contractor shall be paid an amount equal to the lesser of: (1) the actual cost of any work, labor or materials actually performed or in place and the actual cost of any labor, equipment or materials ordered in good faith which could not be canceled, less the salvage value thereof, plus ten percent (10%) or