Common use of Termination for Owner’s Inability to Perform Clause in Contracts

Termination for Owner’s Inability to Perform. If any proceeding is instituted against Owner seeking to adjudicate Owner as a bankrupt or insolvent and such proceeding is not dismissed within sixty (60) days of filing, or if Owner makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of the insolvency of Owner, or if Owner 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 Owner admits in writing its inability to pay its debts when due, Contractor may stop its Work or terminate this Agreement effective immediately upon giving written notice of such stop Work or termination to Owner.

Termination for Owner’s Inability to Perform. If any proceeding is instituted against Owner seeking to adjudicate Owner as a bankrupt or insolvent and such proceeding is not dismissed within sixty (60) days of filing, or if Owner makes a general assignment for the benefit of its creditors, or if a receiver is appointed on account of the insolvency of Owner, or if Owner files a petition seeking to take advantage of any other applicable Law relating to bankruptcy, insolvency, reorganization, winding up or composition composition, or readjustment adjustment of debts, or if Owner admits in writing its inability to pay its debts when due, then Contractor may stop its Work or terminate this Agreement effective immediately upon giving written notice of such stop Work or termination to Owner. Any such termination shall be without prejudice to any existing rights, powers, or remedies of either party under this Agreement.