15. List the 12 steps of issuing a termination for default.

Expert Solution

Question: List the 12 steps of issuing a termination for default.

Answer:

Scrutinize the reason behind the termination with the contractor and contemplate if there is any substitution to the termination.
Prepare a document which comprises the need for termination.
Issue a legal notice for default, such as cure notice or show cause notice.
If cure or show cause notice are ineffective, issue termination notice.
Meticulously, describe the termination affects to the relevant parties.
Review the termination process with the contactor before going to the next step.
After reviewing with the contractor, revise the termination notice, if any.
Review contractor’s payment proposal and issue the notice accordingly.
Settle any pending amount of the contractor.
Procure any remaining essentials from the contractor.
Stipulate any government induced payments from the contractor.
Write a memorandum explaining in detail about the termination actions taken.

Explanation: Termination for default, is a primary contractual rights of the customer to unilaterally terminate the contract imbibed with the contractor, this is invoked when contractor fails to perform the agreed terms.

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