Common use of Bankruptcy or Insolvency Clause in Contracts

Bankruptcy or Insolvency. Upon filing for any bankruptcy or insolvency proceedings by or against the Contractor, whether voluntary or involuntary, or upon the appointment of a receiver, trustee, or assignee for the benefit of creditors, the Contractor must notify Xxxxxxx County’s Director of Finance and Purchasing immediately in writing. Upon learning of the actions herein identified, Xxxxxxx County reserves the right at its sole discretion to either affirm the contract, or, cancel the contract and hold the Contractor responsible for damages.

Bankruptcy or Insolvency. Upon filing for any bankruptcy or insolvency proceedings by or against the Contractor, whether voluntary or involuntary, or upon the appointment of a receiver, trustee, or assignee for the benefit of creditors, the Contractor must notify Xxxxxxx County’s Director of Finance and Purchasing immediately in writing. Upon learning of the actions herein identified, Xxxxxxx County reserves the right at its sole discretion to either affirm the contract, or, contract or cancel the contract and hold the Contractor responsible for damages.