Common use of Termination for Default or Insolvency Clause in Contracts

Termination for Default or Insolvency. 28. If the Buyer becomes entitled to reject and rejects any goods or work the Supplier is in breach of any term of the Contact (express or implied) and either the breach is incapable of remedy or the Supplier fails to remedy it as soon as practicable following notice of such breach by the Buyer to the Supplier or the Supplier has a Receiver, Liquidator or Trustee in Bankruptcy appointed of any of its assets or takes or has instituted against it any action or proceedings which has as its object or may result in the winding up of the Supplier, the Buyer may terminate the Contact, in whole or in part forthwith by notice without payment of compensation.

Termination for Default or Insolvency. 2827. If the Buyer becomes entitled to reject and rejects any goods or work the Supplier is in breach of any term of the Contact (express or implied) and either the breach is incapable of remedy or the Supplier fails to remedy it as soon as practicable following notice of such breach by the Buyer to the Supplier or the Supplier has a Receiver, Liquidator or Trustee in Bankruptcy appointed of any of its assets or takes or has instituted against it any action or proceedings which has as its object or may result in the winding up of the Supplier, the Buyer may terminate the Contact, in whole or in part forthwith by notice without payment of compensation.

Termination for Default or Insolvency. 28. If the Buyer becomes entitled to reject and rejects any goods or work the Supplier is in breach of any term of the Contact Contract (express or implied) and either the breach is incapable of remedy or the Supplier fails to remedy it as soon as practicable following notice of such breach by the Buyer to the Supplier or the Supplier has a Receiver, Liquidator or Trustee in Bankruptcy appointed of any of its assets or takes or has instituted against it any action or proceedings which has as its object or may result in the winding up of the Supplier, the Buyer may terminate the ContactContract, in whole or in part forthwith by notice without payment of compensation.