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<br />7-101.01 <br />the cost principles contained in sections ? 181 <br />"'7-101.10 1 161.16 of the Colorado Procurement Rules. <br /> <br />v#~ <br /> <br />through <br /> <br />8. Time is of the essence in the performance of this <br />contract and in the completion of the Project. Failure <br />or refusal of the Contractor to diligently pursue the <br />timely performance or quality of the work defined <br />herein shall be considered grounds for termination of <br />this contract for cause. It is recognized. however. <br />that delays caused by the construction contractor for <br />the Project. by actions or inactions of the State or <br />other governmental entities. or by causes of Force <br />Majeure. are beyond the control of the Contractor. <br />Delays caused by such factors, as documented and as <br />determined by the State. shall not be considered as <br />grounds for termination of the contract for cause. The <br />Contractor shall immediately advise the State in <br />writing of any occurrence or situation that may affect <br />the ability of the Contractor to complete the Exhibit B <br />work in a timely manner, including any delays beyond <br />control of contractor. and the parties shall <br />cooperatively determine the appropriate action. <br /> <br />9. If the Contractor fails to diligently pursue the <br />completion of the Exhibit B work as reasonably <br />determined by the State, and if the Contractor fails to <br />take appropriate corrective action as directed by the <br />State within five (5) days after receipt of written <br />notice thereof from the State. then the State shall <br />have the right to terminate the contract for cause by <br />giving written notice by certified mail to the <br />Contractor of such termination. The effective date of <br />such termination shall be at least five (5) days after <br />the Contractor's receipt of written notice of <br />termination. If the contract is terminated for cause. <br />the Contractor shall be entitled to receive just and <br />equitable compensation subject to the terms of this <br />contract for any work satisfactorily completed up <br />through the effective date of termination. as <br />determined by the State. <br /> <br />10. The State may terminate this contract at will if the <br />State determines in its discretion that the State would <br />no longer be served either by completion of the Project <br />or of the Exhibit B work by the Contractor. <br />Termination shall be effected by sending a written <br />notice thereof by certified mail to the representative <br />of the Contractor. such termination will be effective <br />no sooner than twenty-one (21) days after written <br />notice is sent to the Contractor. If the contract is <br />so terminated, the Contractor shall be entitled to <br />receive just and equitable compensation subject to the <br />terms of this contract for any work satisfactorily <br />completed up through the day the termination becomes <br />effective, as determined by the State. <br /> <br />11. The Contractor and all of its subcontractors shall <br />maintain all books. documents. papers. accounting <br />records, and other evidence pertaining to any and all <br />costs incurred and services performed pursuant to this <br />contract. The State or its authorized representative <br />shall have the right to inspect, examine, and audit the <br />Contractor's records. books. and accounts. Such audit <br />may be called for at any time and for any reason from <br />the effective date of this contract until five (5) <br />years after the date final payment is received by the <br />Contractor. provided that the audit is performed at a <br />time convenient to the Contractor and during regular <br />business hours. <br /> <br />Page ~ of ~ Pages <br />