Common use of DEFAULT BY BUILDER Clause in Contracts

DEFAULT BY BUILDER. A. EVENTS OF DEFAULT (each is a Builder Event of Default) - 1) A breach by Builder of any material provision contained in this Contract. 2) Builder's filing of a voluntary petition in bankruptcy, making an assignment for the benefit of any creditor, being adjudicated as bankrupt or insolvent, or applying for or consenting to the appointment of a receiver, trustee or liquidator of all or a substantial part of Builder's assets. 3) Builder’s failure, without cause, to make payment to any material supplier, laborer or subcontractor for which Builder has received payment from Buyer or Buyer’s lender.