When the Ax Falls: Five Steps You Should Take When Terminated for the Owner’s Convenience

Most private owners negotiate for a contract clause permitting them to terminate a construction agreement without regard to the quality of the contractor’s performance. These so-called “termination for convenience” clauses come in handy when, for example, an owner’s financing runs dry and a project must be halted. A termination for convenience clause allows an owner to cancel a project without materially breaching the contract and avoid paying the contractor its anticipated lost profit on unperformed work.

What should you do if an owner relies upon such a clause in terminating your contract?

[See complete article below.].

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