Common use of TERMINATION DUE TO BANKRUPTCY OR INSOLVENCY Clause in Contracts

TERMINATION DUE TO BANKRUPTCY OR INSOLVENCY. If the CONTRACTOR is adjudged bankrupt or insolvent, if it makes a general assignment for the benefit of its creditors, if a trustee or receiver is appointed for the CONTRACTOR or for any of its property or if it files a petition to take advantage of any debtor's act or to reorganize under bankruptcy or other similar laws the CITY may, without prejudice to any other right or remedy, and after giving the CONTRACTOR written notice, terminate this Agreement.