Termination for insolvency definition
Termination for insolvency. The Contractor or the Principal may notify the other in writing that the Contract is terminated if the other becomes bankrupt, dies, compounds with creditors, makes an assignment for the benefit of creditors, goes into liquidation, has a receiver or statutory manager appointed or goes into voluntary administration and in the case of the Contractor only, fails within ten (10) Working Days to make arrangements to take over the Works that are satisfactory to the Principal. Materials, plant and equipment on termination: If the Contract is terminated for a Contractor default under 8.1 or 8.2 above, the Contractor must immediately demobilise from the Site leaving behind any materials, plant and Contractor's equipment which the Principal instructs in the second notice is to be used for completing the Works.
Termination for insolvency has the meaning set forth in Section 1.42
Examples of Termination for insolvency in a sentence
Termination for insolvency If a party experiences an Insolvency Event, the other party may terminate this Agreement with immediate effect by giving written notice to the party.
Termination for insolvency - It allows either party to terminate the agreement if the opposite party becomes insolvent, bankrupt, or unable to meet its financial obligations.