Common use of If the Contractor Clause in Contracts

If the Contractor. (a) in spite of a notification of default has failed to perform any obligation towards us in full or properly; (b) is declared bankrupt; (c) has submitted a petition to be granted a suspension of payments; (d) has ceased or transferred his business activities, or an important part thereof, including the contribution of (a part of) his business activities into a legal person that is to be established or that already exists, the Contractor shall forthwith be in default by force of law, and we shall have the right, also in the event of force majeure on the part of the Contractor, to rescind the agreement forthwith in full or in part in writing, without any judicial intervention being required, without any obligation to pay any damages and without prejudice to our other rights.