Bankruptcy of School Board or Design-Builder Sample Clauses

Bankruptcy of School Board or Design-Builder i. If either the School Board or Design-Builder institutes or has instituted against it a case under the United States Bankruptcy Code (such Party being referred to as the “Bankrupt Party”), such event may impair or frustrate the Bankrupt Party’s ability to perform its obligations under the Contract Documents. Accordingly, should such event occur: ii. The Bankrupt Party, its trustee or other successor, shall furnish, upon request of the non-Bankrupt Party, adequate assurance of the ability of the Bankrupt Party to perform all future material obligations under the Contract Documents, which assurances shall be provided within ten (10) days after receiving notice of the request; and iii. The Bankrupt Party shall file an appropriate action within the bankruptcy court to seek assumption or rejection of the Design-Build Contract within sixty (60) days of the institution of the bankruptcy filing and shall diligently prosecute such action. iv. If the Bankrupt Party fails to comply with the foregoing obligations listed in clauses ii. and iii. above, the non-Bankrupt Party shall be entitled to request that the bankruptcy court reject the Design-Build Contract, declare the Design-Build Contract terminated and pursue any other recourse available to the non-Bankrupt Party under this Article 15. v. The rights and remedies under Article 15.e.i above shall not be deemed to limit the ability of the non-Bankrupt Party to seek any other rights and remedies provided by the Contract Documents or by law, including its ability to seek relief from any automatic stays under the United States Bankruptcy Code or the right of Design- Builder to stop Work under any applicable provision of the Contract Documents.
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Related to Bankruptcy of School Board or Design-Builder

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