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damages; and if the amount so retained by the Principal Representative is insufficient to pay in full <br /> such liquidated damages, the CONTRACTOR shall pay to the Principal Representative the amount <br /> necessary to effect payment in full of such liquidated damages. Any assessment of liquidated <br /> damages under this subsection shall not relieve the CONTRACTOR from additional liability for any <br /> actual damages or costs resulting from delays to other contractors on the project or other projects <br /> caused by a failure of the assessed CONTRACTOR to complete the work within the time provided <br /> in this Agreement. <br /> Article 40. DAMAGES <br /> If either party to this Contract shall suffer damage in any manner because of any wrongful act or <br /> neglect of the other party or of anyone employed by him, then he shall be reimbursed by the other <br /> party for such damage, except that the Principal Representative shall be responsible for and at his <br /> option insure against loss of use of any of his existing property, due to fire or otherwise, however <br /> caused. <br /> Claims under this clause shall be made in writing to the party liable within a reasonable time of the <br /> first observance of such damage and not later than the time of final payment, except as expressly <br /> stipulated otherwise in the case of faulty work or materials. <br /> Article 41. STATE'S RIGHT TO DO THE WORK <br /> If the CONTRACTOR should neglect to prosecute the work properly or fail to perform any provision <br /> of the Contract, the Principal Representative, after seven (7) days' written notice to the <br /> CONTRACTOR and the Surety may, without prejudice to any other remedy he may have, make <br /> good such deficiencies and may deduct the cost thereof from the payment then or thereafter due the <br /> CONTRACTOR. <br /> Article 42. STATE'S RIGHTS TO TERMINATE THE CONTRACT <br /> A. General <br /> If the CONTRACTOR should be adjudged as bankrupt, or if he should make a general assignment <br /> for the benefit of his creditors, or if a receiver should be appointed to take over his affairs, or if he <br /> should fail to prosecute his work with due diligence and carry the work forward in accordance with <br /> his work schedule and the time limits set forth in the Contract Documents, or if he should fail to <br /> subsequently perform one or more of the provisions of the Contract Documents to be performed by <br /> him, the Principal Representative may serve Written Notice on the CONTRACTOR and the Surety <br /> on his performance and payment bonds, stating his intention to exercise one of the remedies <br /> hereinafter set forth and the grounds upon which the Principal Representative bases his right to <br /> exercise such remedy. In such event, unless the matter complained of is satisfactorily cleared within <br /> ten (10) days after serving such Notice, the Principal Representative may, without prejudice to any <br /> other right or remedy, exercise one of such remedies, at once. <br /> B. Conditions and Procedures <br /> (a) The Principal Representative may terminate the services of the CONTRACTOR, which <br /> termination shall take effect immediately upon serving notice to the CONTRACTOR and his <br /> Surety, whereupon the Surety shall have the right to take over and perform the Contract. If <br /> the Surety does not commence performance of the Contract within ten (10) days after service <br /> Colorado Division of Reclamation, Mining and Safety <br /> Page 16 of 22 Pages <br /> Revised:9/17/2019 <br />