Termination for Default-Bond Clause Samples

Termination for Default-Bond. A. OWNER may give the DESIGN-BUILD FIRM written notice to discontinue all or part of the work on the project under the Agreement or a Notice to Cure a material breach in the event that: 1. The DESIGN-BUILD FIRM assigns or subcontracts the Work without prior written permission; 2. Any petition is filed or any proceeding is commenced by or against the DESIGN-BUILD FIRM for relief under any bankruptcy or insolvency laws; 3. A receiver is appointed for the DESIGN-BUILD FIRM’s properties or the DESIGN-BUILD FIRM commits any act of insolvency (however evidenced); 4. The DESIGN-BUILD FIRM makes an assignment for the benefit of creditors; 5. The DESIGN-BUILD FIRM suspends the operation of a substantial portion of its business; 6. The DESIGN-BUILD FIRM suspends the whole or any part of the Work to the extent that it impacts the DESIGN-BUILD FIRM ‘s ability to meet the Work schedule, or the DESIGN-BUILD FIRM abandons the whole or any part of the Work; 7. The DESIGN-BUILD FIRM, at any time, violates any of the conditions or provisions of the Agreement Documents, or the DESIGN-BUILD FIRM fails to perform as specified in the Agreement Documents, or the DESIGN-BUILD FIRM is not complying with the Agreement Documents. 8. The DESIGN BUILD Firm attempts to willfully impose upon OWNER items or workmanship that are, in OWNER's sole opinion, defective or of unacceptable quality. 9. The DESIGN-BUILD FIRM breaches any of the representations or warranties 10. The DESIGN-BUILD FIRM is determined, in OWNER's sole opinion, to have misrepresented the utilization of funds or misappropriate property belonging to OWNER. 11. There is an adverse material change in the financial or business condition of the DESIGN-BUILD FIRM such that DESIGN-BUILD FIRM cannot reasonably be expected to complete the Project.