Common use of Right to Terminate Contract Clause in Contracts

Right to Terminate Contract. If either Party shall be adjudged a ------------------------------ bankrupt, or if a Party should make a general assignment for the benefit of its creditors, or if a receiver should be appointed on account of its insolvency, or if it should persistently or repeatedly refuse or should fail, except in cases for which extension of time is provided, to supply enough properly skilled workmen or proper materials, or if it should fail to make prompt payment to the other Party, subcontractors or for material or labor, or persistently disregard laws, regulations or ordinances, or otherwise be guilty of a violation of any substantive provision of this Contract, then the non-defaulting Party, in the event that the defaulting Party does not promptly initiate corrective action, may, without prejudice to any other right or remedy and after giving the defaulting Party and its surety, if any, ten (10) Days written notice, terminate this Contract, and OWNER may finish the Work by whatever method it may deem expedient. In case of such cancellation, the rights of the non-defaulting Party shall be the same as if the defaulting Party had failed to perform this Contract in whole or in part.

Right to Terminate Contract. If either Party shall be adjudged a ------------------------------ bankrupt, or if a Party should make a general assignment for the benefit of its creditors, or if a receiver should be appointed on account of its insolvency, or if it should persistently or repeatedly refuse or should fail, except in cases for which extension of time is provided, to supply enough properly skilled workmen or proper materials, or if it should fail to make prompt payment to the other Party, subcontractors or for material or labor, or persistently disregard laws, regulations or ordinances, or otherwise be guilty of a violation of any substantive provision of this Contract, then the non-defaulting Party, in the event that the defaulting Party does not promptly initiate corrective action, may, without prejudice to any other right or remedy and after giving the defaulting Party and its surety, if any, ten (10) Days written notice, terminate this Contract, and OWNER may finish the Work by whatever method it may deem expedient. In case of such cancellation, the rights of the non-defaulting Party shall be the same as if the defaulting Party had failed to perform this Contract in whole or in part.