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the o~nership interest. Said person has a substantial economic interest in a trust when the person or an above-defined relative has a present or future interest worth more than One Thousand Dollars (S1,000.00). d. In the event a conflict of interest, as described in this Paragraph 14, cannot be avoided without frustrating the purposes of this Contract, the person involved in such a conflict of interest shall submit to the Contractor and the State a full disclosure statement setting forth the details of such conflict of interest. In cases of extreme and unacceptable conflicts of interest, as deter- mined by the State, the State reserves the right to terminate the Contract for cause, as provided in Paragraph 9 above. Failure to file a disclosure statement required by this Paragraph 14 shall con- stitute grounds for termination of this Contract for cause by the State. 15. Compliance with Applicable Laws. At all times during the performance of this Contract, the Contractor shall strictly adhere to all applicable federal and State la~s that have been or may hereafter be established. 16. Severability. To the extent that this Contract may be executed and performance of the obligations of the parties may be accomplished within the intent of the Contract, the terms of this Contract are severable, and should any term or provision hereof be declared invalid or become inoperative for any reason, such invalid_ ity or failure sha+l not affect the validity of any other term or provision hereof. The waiver of any breach of a term hereof shall not be construed as waiver of any other term. 17. Binding on Successors. Except as her$in otherwise provided, this agreement shall inure to the benefit of ~nd be binding upon the parties, or any subco~tractors hereto, an9 their respective successors and assigns. 18. Assignment. Neither party, nor any subcontractors hereto, may assign its rights or duties under this Contract without the prior written consent of the other party. 19. Limitation to Particular Funds. The parties hereto expressly recognize that the Contractor is to be paid, reimbursed, or otherwise compensated with funds provided to the State for the purpose of Con- tracting for the services provided for herein, and therefore, the Contractor expressly understands and agrees that all its rights, de~ands and claims to compensation arising under this Contract are contingent upon receipt of such funds by the state. In the event that such funds or any part thereof .are not received by the State, the State may immediately terminate this Contract. 20. Minority Business Enterprise PartiCipation. It is the policy of the State of Colorado that minority business enterprises shall have the maximum practicable opportunity to participate in the performance of its construction grant contracts. The Contractor agrees to use its best efforts to carry out this policy to the fullest extent practi- cable and consistent with the efficient performance of this Contract. As used in this Contract, the term "minority business enterprise" means a business, at least 50 percent (50%) of which is owned by minority group members or, in the .case of publicly owned businesses, at least 51 percent (51%) of the stock of which'is owned by minority group members. For the purposes of this definition, minority group members are tlegroes or Black Americans, Spanish-speaking Americans, Asian Americans, American Indians, American Eskimos and American Aleuts. The Contractor may rely on written representations by bidders, contractors, and subcontractors regarding their status as minority business enterprises and need not conduct an independent investigation. Page 5 of 7 pages