Common use of Rights in Event of Default Clause in Contracts

Rights in Event of Default. In the event that the Contractor/Supplier fails to comply with any of the terms or provisions of this Contract, declares bankruptcy, makes a general assignment for the benefit of its creditors, has a receiver appointed on account of its insolvency, or is generally not paying its debts when due, then, in any such event, the University shall have all rights available to it as a result thereof at law or in equity, including, without limitation, the right to cancel, by written notice to the Contractor/Supplier, all or any part of this Contract without liability to the Contractor/Supplier.

Rights in Event of Default. In the event that the Contractor/Supplier fails to comply with any of the terms or provisions of this Contract, declares bankruptcy, makes a general assignment for the benefit of its creditors, has a receiver appointed on account of its insolvency, or is not generally not paying its debts when due, then, in any such event, the University shall have all rights available to it as a result thereof at law or in equity, including, without limitation, the right to cancel, by written notice to the Contractor/Supplier, all or any part of this Contract without liability to the Contractor/Supplier.