CON 216 You had to terminate your contract with Simms Electrical for convenience before they delivered any completed items. In looking through the file you realize that Simms has been paid $313,525 in contract financing payments. What actions do you need to take?

...Demand immediate repayment from Simms and threaten to take the company to court.

Immediately withold any payments due Simms on other contracts.

Notify Simms that they must repay the $313,525 within 60 days.

Refer the matter to the IRS for a tax refund offest.