Termination for Inability to Perform. If any proceeding is instituted against General Contractor seeking to adjudicate General Contractor as a bankrupt or insolvent and such proceeding is not dismissed within sixty (60) days of filing, or if General Contractor makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of the insolvency of General Contractor, or if General Contractor files a petition seeking to take advantage of any other applicable Law relating to bankruptcy, insolvency, reorganization, winding up or composition or readjustment of debts, or if General Contractor admits in writing its inability to pay its debts when due, then Owner may, without prejudice to any other right or remedy Owner may have, terminate this Agreement effective immediately upon giving written notice of such termination to General Contractor.
Appears in 4 contracts
Samples: Procurement and Construction Agreement, Engineering, Procurement and Construction Agreement (USA Synthetic Fuel Corp), Engineering, Procurement and Construction Agreement (USA Synthetic Fuel Corp)
