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settle the liabilities and claims arising out of the termination of subcontracts and orders. <br />The City may direct the Contractor to assign the Contractor's right, title and interest under <br />terminated orders or subcontracts to the City or its designee. <br />12.2.1.3. The Contractor shall transfer title and deliver to the City such completed or <br />partially completed Work and materials, equipment, parts, fixtures, information and <br />Contract rights as the Contractor has. <br />12.2.1.4. <br />(a) The Contractor shall submit a termination claim to the City and the Engineer <br />/ Architect specifying the amounts due because of the termination for convenience <br />together with costs, pricing or other data required by the Engineer / Architect. If the <br />Contractor fails to file a termination claim within one (1) year from the effective date of <br />termination, the City shall pay the Contractor, an amount derived in accordance with <br />subparagraph (c) below. <br />(b) The City and the Contractor may agree to the compensation, if any, due to the <br />Contractor hereunder. <br />(c) Absent agreement to the amount due to the Contractor, the City shall pay the <br />Contractor the following amounts: <br />L Contract prices for labor, materials, equipment and other services <br />accepted under this Contract; <br />ii. Reasonable costs incurred in preparing to perform and in performing the <br />terminated portion of the Work, and in terminating the Contractor's <br />performance, plus a fair and reasonable allowance for overhead in the <br />amount of seven percent (7%) of the Contractor's direct costs, and a <br />reasonable allowance for profit in the amount of five percent (5%) of the <br />Contractor's direct costs (such profit shall not include anticipated profit or <br />consequential damages); and profit thereon (such profit shall not include <br />anticipated profit or consequential damages); provided however, that if it <br />appears that the Contractor would have not profited or would have <br />sustained a loss if the entire Contract would have been completed, no <br />profit shall be allowed or included and the amount of compensation shall <br />be reduced to reflect the anticipated rate of loss, if any; <br />iii. Reasonable costs of settling and paying claims arising out of the <br />termination of subcontracts or orders pursuant to Subparagraph 12.2.1.2 <br />Page 33 of 43 <br />301 <br />