Termination of Contract by the Employer. The contract can be terminated by the Bank, by giving a month’s notice to the contractor, without citing any reason for doing so. 5.
Termination of Contract by the Employer. If the Contractor being an individual or a firm commits any "act of insolvency" or shall be adjudged an insolvent or being an incorporated company shall have an order for compulsory winding up made against it or pass an effective resolution for winding up voluntarily or subject to the supervisions of the court and the Official Assignee or the Liquidator in such acts of insolvency or winding up, as the case may be, shall be unable within seven days after notice to him requiring him to do so to show the reasonable satisfaction of the Bank that he is able to carry out and fulfil the Contract and to give security therefore, if so required by the Bank. Or if the Contractor (whether an individual, first or incorporated company shall suffer execution or other process of court attaching property to be issued against the Contractor or shall suffer any payment under this contract to be attached by or on behalf of any of the creditors of the Contractors. Or shall assign to sublet this Contract without the consent in writing of the Employer first had and obtained or shall charge or encumber this Contract or any payments due or which may become due to the Contractor hereunder. A) Has abandoned the Contract, or has failed to commence the works, or has without any lawful excuse under these conditions suspended the progresses of the works for fourteen days after receiving from the Bank notice to proceed or B) Has failed to proceed with the work with such due diligence and failed to make such due progress as would enable the works to be completed within the time agreed upon, or C) Has failed to remove materials from the site or to pull down and replace work for seven days receiving from the Bank written notice that the said materials or work were condemned and rejected by the Bank's Engineer under these conditions' or D) Has neglected or failed persistently to observe and perform all of any of the acts, matter or things by the Contract to be observed and performed by the Contractor for seven days after written notice shall have been given to the Contractor requiring the Contractor to observe or perform the same. Then and in any of the said cases the Employer may, notwithstanding any previous waiver, after giving seven days’ notice in writing to the Contractor, determine the Contract, the whole of which shall continue in force as fully as if the Contract has not been so determined, and so if the works subsequently execute had been executed by or on behalf of the Contractor....