Common use of CANCELLATION FOR DEFAULT Clause in Contracts

CANCELLATION FOR DEFAULT. In the event Seller shall be adjudged bankrupt, make a general assignment for the benefit of its creditors, or if a receiver shall be appointed on account of Seller's insolvency, or in the event Seller is in default of any material provisions or requirement of this Purchase Order, Buyer may, by written notice to Seller, without prejudice to any other rights or remedies which Buyer may have, cancel further performance by Seller under this Purchase Order, in whole or in part. In the event of such cancellation, Buyer may complete the performance of the terminated portions of this Purchase Order by such means as Buyer selects, and Seller shall be responsible for any additional costs incurred by Buyer in so doing.