Common use of Contractor Defaults Clause in Contracts

Contractor Defaults. Any of the following events shall be deemed a default by Contractor hereunder: (a) Failure by Contractor to pay any undisputed amounts or charges required to be paid by it under this Agreement within thirty (30) days after receipt of written notice by Contractor that the same was not paid when due; (b) Failure to maintain insurance as required hereunder, which failure continues for five (5) business days after Contractor’s receipt of written notice by ACTA; (c) Failure to perform any other non-monetary obligation of Contractor or Subcontractor hereunder within thirty (30) days of receipt of written notice by ACTA; provided, that if Contractor or Subcontractor commences to cure such failure but such failure cannot be cured within such 30 day period despite diligent pursuit of such cure, Contractor shall be entitled an extension of the period of time necessary to cure such default if Contractor continues to diligently pursue such cure and shall not be deemed in default; (d) Commencement of an insolvency, bankruptcy or other similar proceeding by or against Contractor which proceeding is not dismissed within 90 days after commencement thereof; (e) The making of a general assignment for the benefit of creditors of Contractor; and (f) Violation by Contractor or Subcontractor of any collective bargaining or other labor agreement to which Contractor or Subcontractor is a party, which violation gives rise to a legal work stoppage, strike or other form of labor slowdown that disrupts rail operations on the Rail Corridor.