DEFAULT BY THE BUILDER Clause Samples
DEFAULT BY THE BUILDER. The BUILDER shall be deemed to be in default under this CONTRACT ;
(i) If the BUILDER shall apply for or consent to the appointment of a receiver, trustee or liquidator, shall be adjudicated insolvent, shall apply to the courts for protection from its creditors, file a voluntary petition in bankruptcy or take advantage of any insolvency law, or any action shall be taken by the BUILDER having an effect similar to any of the foregoing or the equivalent thereof in any jurisdiction or there is possibility of occurrence of any of foregoing events due to the BUILDER’s inability to pay its debts as they fall due.
(ii) If the BUILDER, without reasonable excuse, suspends the commencement or progress of the construction of the VESSEL for a period of one hundred (100) days or more and the BUILDER has not rectified the same within fourteen (14) days of being notified by the BUYER of such delay.
(iii) If the refund guarantee is not issued within thirty (30) days from the date of this CONTRACT or if the refund guarantee is not maintained in accordance with the terms and conditions of this CONTRACT and the BUILDER fails to provide the BUYER with a replacement refund guarantee from a first class bank acceptable to the BUYER (acting reasonably) . In the event of such BUILDER’s default the BUYER may then cancel this CONTRACT by promptly notifying the BUILDER in writing but not later than two (2) weeks from the date the BUYER becomes aware of the BUILDER’s default. Such cancellation is to be effective as of the date when such notice of cancellation is received by the BUILDER.
DEFAULT BY THE BUILDER. 10.1 The Builder shall be in default of this Agreement upon the occurrence of any one or more of the following events of default:
10.2 The Builder fails to pay any monies when due and owing by the Builder to Lux.
10.3 The Builder fails to perform or comply with any term or condition of this Agreement.
10.4 The Builder fails to comply with Rules or Regulations in force further to Section 12 herein.
10.5 The Builder fails to comply with a decision or requirements of the warranty conciliator or inspector.
DEFAULT BY THE BUILDER. Events of Builder's Default
18.1. In the event that any of the following events should occur:-
a. the Builder shall commit any material breach of this Contract and shall have failed to commence action to remedy the same within fourteen (14) Working Days from receipt by the Builder of written notice from the Purchaser specifying such breach; or
b. the making of any order or the passing of an effective resolution for the winding-up of the Builder (other than for the purposes of reconstruction or amalgamation which has been previously approved in writing by the Purchaser), or the appointment of a receiver of the undertaking or property of the Builder, or the insolvency of or a suspension of payment by the Builder, or the cessation of the carrying on of business by the Builder, or the making by the Builder of any special arrangement or composition with creditors of the Builder, the Purchaser may elect to terminate this Contract. If the Purchaser elects to terminate this Contract, then the Purchaser shall give notice in writing to the Builder that the Purchaser regards this Contract as terminated in which case the provisions of sub-clause 2 below shall apply. Such notice shall be effective from receipt thereof by the Builder.