Common use of Default by Contractor Clause in Contracts

Default by Contractor. It shall be considered a default by the Contractor whenever he shall: (a) Declare bankruptcy, become insolvent, or assign his assets for the benefit of his creditors. (b) Disregard or violate provisions of the Contract Document or fail to prosecute the work according to the agreed Schedule of Completion, including extensions thereof. (c) Fail to provide a qualified superintendent, competent workmen or subcontractors, or proper materials, or fail to make prompt payment therefor.