Common use of BUILDER'S DEFAULT Clause in Contracts

BUILDER'S DEFAULT. The BUYER shall be entitled to terminate this CONTRACT forthwith by the giving of notice to the BUILDER by letter, telex or tele-facsimile should any of the following events occur: (a) failure to maintain the Refund Guarantee in accordance with the terms of this CONTRACT and in particular Article X hereof; or (b) the filing of a petition or the making of an order or the passing of an effective resolution for the winding-up of the BUILDER or the placing of the BUILDER under court protection or the appointment of a receiver of the undertaking or property of the BUILDER or the insolvency of or a suspension of payment by the BUILDER or the cessation of the carrying on of business by the BUILDER or the making by the BUILDER of any special arrangement or composition with creditors of the BUILDER or any analogous proceedings and the BUILDER fails to remedy such breach within ten (10) days of receipt by the BUILDER of written notice from the BUYER.