Common use of Contractor Bankrupt Clause in Contracts

Contractor Bankrupt. If Contractor should commence any proceeding under the Bankruptcy Act, or if Contractor be adjudged a bankrupt, or if Contractor should make any assignment for the benefit of creditors, or if a receiver should be appointed on account of Contractor's insolvency, then the City may, without prejudice to any other right or remedy, declare Contractor to be in default and complete the work by giving notice to Contractor and his surety. Contractor's surety shall complete the work and in the event Contractor's surety fails to commence completion of the work within thirty (30) days of the date of notice of default, the City shall have the right, but not the obligation, to complete or cause the completion of the work.