The contracting agent, by written notice to the contractor and the sureties of the contractor known to the contracting agent, may terminate the contractor’s right to proceed with that part of the contract, for which less than the prevailing rates of wages and fringe benefits have been or will be paid, and may proceed to complete the contract by separate agreement with another contractor or otherwise, and the original contractor and the original contractor’s sureties shall be liable to the contracting agent for any excess costs occasioned thereby.