Termination for Contractor Insolvency Sample Clauses

Termination for Contractor Insolvency. In the event of filing a petition for bankruptcy by or against Contractor, Department shall have the right to terminate the Contract upon the same terms and conditions as termination for default. Additionally, Department may terminate under the same terms and conditions as termination for default in the following circumstances:
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Termination for Contractor Insolvency. In the event of filing a petition for bankruptcy by or against Contractor, State shall have the right to terminate the Contract upon the same terms and conditions as termination for default. Additionally, State may terminate under the same terms and conditions as termination for default in the following circumstances: • Contractor applies for or consents to the appointment of a receiver, trustee or liquidator of itself or of all or a substantial part of its assets; • Contractor files a voluntary petition in bankruptcy; • Contractor admits in writing its inability to pay its debts as they become due; • Contractor makes a general assignment for the benefit of creditors; • Contractor files a petition or an answer seeking reorganization or rearrangement with creditors or, as a debtor, invokes or takes advantage of any insolvency law; or • A court of competent jurisdiction enters an order, judgment or decree, on the application of a creditor, adjudicating Contractor as bankrupt or insolvent or approving a petition seeking reorganization of Contractor or a substantial part of its assets, and such order, judgment or decree continues unstayed for 30 days. If any of these circumstances occur, State shall provide Contractor with written notice of the termination and provide a date when such termination will take effect.
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Termination for Contractor Insolvency. In the event of filing a petition for bankruptcy by or against CONTRACTOR, DEPARTMENT shaU have the right to terminate the Contract upon the same tenns and conditions as termination for default. Additionally, DEPARTMENT may terminate under the same terms and conditions as termination for default in the following circumstances:
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Related to Termination for Contractor Insolvency

  • 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

  • Termination for Force Majeure In the event of a force majeure that lasts longer than thirty (30) days from the date that a Party claiming relief due to the force majeure event gives notice to the other Party, the Party not claiming relief under the force majeure event may terminate this Agreement upon written notice to the other Party. For the avoidance of doubt, the COVID-19 pandemic does not constitute a force majeure event.

  • Termination for Non-Appropriation The continuation of this Contract beyond the current fiscal year is subject to and contingent upon sufficient funds being appropriated, budgeted, and otherwise made available by the City. The City may terminate this Contract, and Contractor waives any and all claim(s) for damages, effective immediately upon receipt of written notice (or any date specified therein) if for any reason the City’s funding from State and/or federal sources is not appropriated or is withdrawn, limited, or impaired.

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