TERMINATION OF CONTRACT BY THE BANK Sample Clauses

TERMINATION OF CONTRACT BY THE BANK. 9.5.1. If the Contractor being an individual or a firm, commits any act of insolvency or shall be adjudged as Insolvent or being an incorporated Company shall have an order for Compulsory winding up or applies for voluntary winding up or subject to the supervision of the Court and of the Official Assignee or the Liquidator in such acts of Insolvency or winding up shall be unable within seven days after notice to him requiring him to do so, to show to the reasonable satisfaction of the Architect/Consultant that he is able to carry out and fulfill the Contract, and to give security therefore, if so required by the Architect/Consultant or if the Contractor (whether an individual firm or incorporated Company) shall suffer execution to be issued, or shall suffer any payment under this Contract, to be attached by or on behalf of any of the creditors of the Contractor. or shall assign or sub-let the Contract without the consent in writing of the Architect/Consultant first obtained. or shall charge or encumber this Contract or any payments due or which might become due to the Contractor there under, or if the Architect/Consultant shall certify in writing to the Bank that the Contractor
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TERMINATION OF CONTRACT BY THE BANK. 38.1 If the contractor
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TERMINATION OF CONTRACT BY THE BANK. Where the Contractor fails to discharge any of its contractual obligations, the Bank shall be entitled to the following remedies: - Damages, and/or - Termination of the Contract, after giving seven (7) days notice to the Contractor. In any case, where the Bank is entitled to damages, it may deduct such damages from any amounts due to the Contractor or receive them from the Performance Guarantee. In accordance with the law governing the Contract, the Bank shall be entitled to compensation for any damage which comes to light after the Contract is completed. Without prejudice to any other remedy for breach of contract and/or grounds for termination of contract the Bank may, after giving seven (7) days notice to the Contractor, terminate this Contract in any of the following cases: The Contractor fails to perform its obligations under the Contract within the time period specified in the Contract, or at the expiry of any extension thereof granted by the Bank. The Contractor fails to fulfil its contractual obligation(s) substantially. The Contractor does not comply within a reasonable time with the notice given by the Bank (or the Project Manager), whereby the Contractor is requested to make good every negligence or failure to perform its contractual obligations which seriously affects the proper execution of the Contract within the deadlines prescribed. The Contractor assigns or subcontracts the Contract or part of it not in accordance with the provisions of the present Conditions of Contract. The Contractor becomes bankrupt or is being wound up, is having its affairs administered by the courts, enters into an arrangement with creditors, has suspended business activities, is the subject of proceedings concerning similar matters, or is in any analogous situation arising from a similar procedure provided for by the national legislation and/or regulations. The Contractor has been convicted of an offence concerning its professional conduct by a judgment that has the force of res judicata. The Contractor has been guilty of grave professional misconduct, which may be proven by any means which the Bank can demonstrate. The Contractor has been the subject of a judgment, which has the force of res judicata for fraud, corruption, involvement in a criminal organisation or any other illegal activity detrimental to the financial interests of the European Community and the Republic of Cyprus. The Contractor undergoes organisational modifications due to the change of its lega...
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TERMINATION OF CONTRACT BY THE BANK. If the contractor being a company go into liquidation whether voluntary or compulsory or being a firm shall be dissolved or being on individual shall be adjudicated insolvent or shall make on assignment or a composition for the benefit of the greater part, in number of amount of his creditors or shall enter into a deed or arrangement with his creditors, or if the official assignee in insolvency, or the receiver of the contractor of the contractor in insolvency, shall repudiate the contract, or it a receiver of the contractors firm appointed by the Architect: Xxxxxxx X.Xxxxxx [33] Signature & Seal of Tenderer M/S “STUDIO 919 Architects” court shall be unable, within fourteen days after notice to him requesting him to do so, to show to the reasonable satisfaction at the Bank that he is able to carry our and fulfill the contract, and if so required by the Bank to give reasonable security therefore, or it the contractor shall suffer execution to issued, or shall suffer any payment under this contract to be attached by or on behalf of and of the creditors of the contractor, or shall assign, charge or encumber this contractor any payments due or which may become due to the contractor, there under, or shall neglect or fail to observe and perform all or any of the acts matters of things by this contract to be observed and performed by the contractor within three clear days after the notice shall have been given to the contractor in manner hereinafter mentioned requiring the contractor to observe or perform the same or shall use improper materials or workmanship in carrying on the works, or shall in the opinion at the Bank not exercise such due diligence and make such due progress as would enable the work to be completed due time agreed upon, and shall fail to proceed to the satisfaction of the Bank after three clear days notice requiring the contractor so to do shall have been given to the contractor as hereinafter mentioned, or shall abandon the contract, then and in any or the said cases, the bank may notwithstanding previous waiver determine the contract by a notice in writing to the effect as hereinafter mentioned, but without thereby effecting the powers of the Bank of the obligations and liabilities of the contractor the whole of which shall continue in force as fully as if the contract, had not been so determined and it the works subsequently executed had been executed by or on behalf of the contractor [without thereby creating any trust in favour of the co...
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Related to TERMINATION OF CONTRACT BY THE BANK

  • Termination by the HSP (a) The HSP may terminate this Agreement at any time, for any reason, upon giving 6 months’ Notice (or such shorter period as may be agreed by the HSP and the Funder) to the Funder provided that the Notice is accompanied by: satisfactory evidence that the HSP has taken all necessary actions to authorize the termination of this Agreement; and a Transition Plan, acceptable to the Funder, that indicates how the needs of the HSP’s clients will be met following the termination and how the transition of the clients to new service providers will be effected within the six-month Notice period.

  • TERMINATION BY THE OWNER 14.2.1 The Owner may terminate the contract if the Contractor:

  • Termination by the Owner for Cause § 16.2.1 The Owner may terminate the Contract if the Contractor .1 repeatedly refuses or fails to supply enough properly skilled workers or proper materials;

  • Termination by the Funder The Funder may terminate this Agreement by providing ten (10) calendar days written notice to the Claimholder after the occurrence of any of the following events. The notice shall reasonably describe the alleged breach which is the basis of such termination and clearly state the Funder’s intent to terminate this Agreement if the alleged breach is not cured within ten (10) calendar days of the Claimholder’s receipt of the notice.

  • Termination for Cause by The District The District may immediately terminate this Agreement for cause for any of the following reasons:

  • Termination of Services by the HSP (a) Except as provided in 12.2(b) and (c) below, the HSP may terminate this Agreement at any time, for any reason, upon giving the LHIN at least six months’ Notice.

  • Termination by the Company This Agreement may be terminated by the Company at any time prior to the Effective Time:

  • Notice of Termination by the Employer (i) Subject to Clause 2.6.1, in order to terminate the employment of the Employee, the Employer shall give the Employee the following notice: Period of Continuous Service Period of Notice Not more than 1 year 1 week More than 1 year and up to the completion of 3 years 2 weeks More than 3 years and up to the completion of 5 years 3 weeks 5 years and over 4 weeks

  • TERMINATION BY THE CONTRACTOR If the Work is stopped for a period of thirty days under an order of any court or other public authority having jurisdiction, or as a result of an act of government, such as a declaration of a national emergency making materials unavailable, through no act or fault of the Contractor or a Subcontractor or their agents or employees or any other persons performing any of the Work under a contract with the Contractor, or if the Work should be stopped for a period of thirty days by the Contractor because the Architect has not issued a Certificate for Payment as provided in Paragraph 9.7 of these General Conditions or because the State has not made payment thereon as provided in Paragraph 9.7, then the Contractor may, upon seven additional days written notice to the State and the Architect, terminate the Contract and recover from the State payment for all Work executed and for any proven loss sustained upon any materials, equipment, tools, construction equipment and machinery, including reasonable profit and damages.

  • Termination by the State The State or commissioner of Administration may cancel this Professional and Technical Services Master Contract and any Work Authorizations at any time, with or without cause, upon 30 days’ written notice to the Contractor. Upon termination, the Contractor will be entitled to payment, determined on a pro rata basis, for services satisfactorily performed.

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