Common use of Termination Upon Bankruptcy Clause in Contracts

Termination Upon Bankruptcy. This contract may be terminated in whole or in part by the Mississippi Department of Rehabilitation Services upon written notice to Contractor, if Contractor should become the subject of bankruptcy or receivership proceedings, whether voluntary or involuntary, or upon the execution by Contractor of an assignment for the benefit of its creditors. In the event of such termination, Contractor shall be entitled to recover just and equitable compensation for satisfactory work performed under this contract, but in no case shall said compensation exceed the total contract price.