Common use of BUILDER'S DEFAULT Clause in Contracts

BUILDER'S DEFAULT. The BUILDER shall be deemed to be in default under this Contract, if a petition is filed or an order is made or an effective resolution is passed for the winding up or dissolution of the BUILDER or a Receiver is appointed of the undertaking or property of the BUILDER or any similar process or proceeding is initiated under the laws of any relevant jurisdiction, or the BUILDER generally suspends payment or ceases to carry on its business or makes any special arrangement or composition with its creditors. In the event of such BUILDER's default as aforesaid, the BUYER may, at its option, thereafter at any time be entitled (but not bound) to rescind this Contract, but this clause shall not limit any other rights or remedy the BUYER may have in this Contract and/or at law, at equity or otherwise. (End of Article)