When a public contract is terminated by mutual agreement, provision shall be made for the payment of compensation to the contractor. In addition to a reasonable amount of compensation for preparatory work and for all costs and expenses arising out of termination, the amount to be paid to the contractor:
(1) Shall be determined on the basis of the contract price in the case of any fully completed separate item or portion of the work for which there is a separate or unit contract price; and
(2) May, with respect to any other work, be a percent of the contract price equal to the percentage of the work completed. [2003 c.794 §162]
Section: Previous 279C.605 279C.610 279C.615 279C.620 279C.625 279C.650 279C.655 279C.660 279C.665 279C.670 279C.800 279C.805 279C.807 279C.808 279C.810 NextLast modified: August 7, 2008