Gentlemen,
In the EPC turnkey contract, an article says
CLAUSE 1.TERMINATE ALL THE WORK, A termination fee which shall be equal to 5% of the amount of the lump sum described in CLAUSE @@@ which remains unpaid, less amounts invoiced but not yet paid, at the date of termination.
CLAUSE 2. TERMINATE PART OF THE WORK, for the purpose of assertaining the amount the lump sum which is applicable to the part of the WORK terminated, The lump sum in clause @@@ shall be reduced so it bears the same proportion to the part terminated as the full lump sum bears to the initial CONTRACT PRICE.
question #1:
does CLAUSE 1 mean TERMINATION FEE=(LS UNPAID-INVOICED UNPAID)*5%?
question #2:
what is the meaning of clause 2?
Enlighten me or share your TERMINATION experience with me pls.
thank you.