Common use of DEFINITION OF THE BUILDER’S DEFAULT Clause in Contracts

DEFINITION OF THE BUILDER’S DEFAULT. The BUYER may declare the BUILDER in default and rescind this CONTRACT, all as stipulated in this CONTRACT and the SPECIFICATIONS, in any of the following cases: (i) the court declares bankruptcy proceedings against the BUILDER under the Bankruptcy Act of Korea; or (ii) there are insolvency proceedings which prevent the BUILDER from building and completing the VESSEL.