Clause 28. Ending the Contract - Insolvency
28.1 Either party may end this contract by giving the other party written notice by certified mail or personal service if the other party: (a) being a person, is or becomes bankrupt; or (b) being a corporation, is in or goes into liquidation.
Clause 29. Effect of the Builder Ending the Contract
29.1 If the builder ends this contract under Clause 14, Clause 26, Clause 27 or Clause 28, then at the election of the builder , the owner must pay as a debt due and payable either: (a) the greater of the cost of or the market value of the building works to date including the cost of any materials on the site or already ordered from suppliers and the cost of quitting the site less the amount already paid by the owner ; or (b) damages.
Clause 30. Effect of the Owner Ending the Contract
30.1 If the owner ends this contract under Clause 27 the owner must complete the building works and keep records of the cost incurred. 30.2 The owner must take all reasonable steps to minimise the cost of completing the building works . 30.3 The owner must, within 5 working days of the building works reaching practical completion , give the builder a written detailed statement of the costs incurred (including copies of all invoices and receipts) and notice of the date when practical completion was reached. 30.4 If the costs incurred by the owner are: (a) more than the unpaid balance of the contract price the builder must pay the difference to the owner within 7 working days of receiving the notice from the owner ; or
The owner is under a duty to mitigate any loss.
(b) less than the unpaid balance of the contract price the owner must pay the difference when giving the notice as a debt due and payable.
Clause 31. Charge on the Site
31.1 The owner charges the site with the due payment to the builder of all moneys that are or may become payable under this contract to the extent that a court or tribunal has made an order that the owner pays that amount to the builder .
Clause 32. Liquidated Damages
32.1 If the building works do not reach practical completion by the end of the building period the owner is entitled to liquidated damages in the sum specified in Item 11 of Schedule 1 for each working day after the end of the building period to and including the earlier of: (a) the date of practical completion ; (b) the date this contract is ended; or (c) the date the owner takes possession of the site or any part of the site .
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