Grounds for Insecurity Sample Clauses

Grounds for Insecurity. The parties agree that each Party's expectation of receiving due performance will not be impaired. Buyer may find reasonable grounds for insecurity if any of the following happens: (1) insolvency of Seller; (2) Seller’s filing of a voluntary petition in bankruptcy; (3) the filing of an involuntary petition to have Seller, declared bankrupt, provided it is not vacated within thirty (30) days from the date of filing;
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Grounds for Insecurity. Adequate Assurance of Performance: When, in Buyer’s good faith opinion, reasonable grounds for insecurity arise with respect to Seller’s performance, Buyer may demand from Seller adequate assurance of future performance. If assurance of due performance is required herein and is not timely provided by Seller, Buyer may, at its option, treat any and all Orders as repudiated by Seller.
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Related to Grounds for Insecurity

  • Termination for Insolvency The Procuring Entity may at any time terminate the Contract by giving notice to the Supplier if the Supplier becomes bankrupt or otherwise insolvent. In such event, termination will be without compensation to the Supplier, provided that such termination will not prejudice or affect any right of action or remedy that has accrued or will accrue thereafter to the Procuring Entity

  • Request for Information (RFI) means a written request by Contractor directed to A/E or ODR for a clarification of the information provided in the Contract Documents or for direction concerning information necessary to perform the Work that may be omitted from the Contract Documents.

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