A project owner’s right to terminate a contract for the owner’s convenience is a vital tool. A termination without cause gives the owner flexibility to respond to contingencies such as lost project financing or changing market conditions. The contractor, who was not in default, is compensated for work performed prior to termination. The most common contractual formula is cost plus profit, along with settlement costs such as subcontractor termination, demobilization and other contract close-out costs.
Congressional lawmakers earlier this month introduced legislation designed to get photovoltaic solar panels installed on 10 million rooftops across the United States over the next 10 years. The bill, offered by Sen. Bernie Sanders (I-Vt.) and Rep. Steve Cohen (D-Tenn.), also would increase the capacity of solar hot water by an estimated 10 million gallons over the same period.
Autodesk Inc. recently announced that it has completed the acquisition of Dynamite VSP and Dynamite SIM visualization software products and related assets. The products were purchased from 3AM Solutions, a United Kingdom-based technology company that develops visualization software for civil infrastructure. Terms of the transaction were not disclosed.