Termination Management. Immediately upon receipt by either the Owner or Co-Owner or the Contractor of notice of termination of this Agreement, the Contractor shall: 1) not incur any further obligations for salaries, services or any other expenditure of funds under this Agreement without written approval of the Owners; 2) comply with all directives issued by the Owners in the notice of termination as to the performance of work under this Agreement; and 3) take such action as the Owners shall direct for the protection, preservation, retention or transfer of all property titled to the Owners and records generated under this Agreement. Any non-expendable personal property or equipment provided to or purchased by the Contractor with contract funds shall become property of the Owners upon termination, and shall be submitted to the Owners as soon as practical.
Appears in 3 contracts
Sources: Contractor Agreement, Service Agreement, Construction Contract