Common use of Notice of Bankruptcy or Insolvency Clause in Contracts

Notice of Bankruptcy or Insolvency. In the event the Contractor becomes insolvent or files or has filed against it a petition in bankruptcy, whether voluntary or involuntary, the Contractor agrees to furnish, by certified mail or electronic commerce method authorized by the Contract, written notification of such to the Contracting Officer. This notification shall be furnished as soon as possible, but in no event more than ten (10) days of the initiation of the proceedings relating to bankruptcy filing or when the insolvency is discovered. This notification shall include the date on which the bankruptcy petition was filed, the identity of the court in which the bankruptcy petition was filed, contact information for the Bankruptcy Trustee and a listing of all Authority Contract numbers for all Authority contracts against which final payment has not been made. This obligation remains in effect until final payment under this Contract.