Default of Contractor. (a) If the contractor enters into voluntary or involuntary bankruptcy, liquidation or dissolution or becomes insolvent, or makes an arrangement with, or assignment in favor of, his creditors, or agrees to execute the contract under a committee of inspection of his creditors, or if a receiver, administrator, trustee or liquidator appointed over any substantial part of his assets, or if, under any law or regulations relating to reorganization, arrangement or readjustment of debts, proceedings are commenced against the contractor or resolution passed in connection with dissolution or liquidation or if any steps are taken to enforce any security interest over a substantial part of the contractor’s assets, or if any act is done, or event occurs with respect to the contractor or his assets which, under any applicable law has a substantially similar effect to any of the foregoing acts or events, or if the contractor has contravened the sub clause regarding assignment and subletting or has an execution levied on his goods, If the employer comes to an conclusion that the contractor:
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