Common use of Default by Participant Clause in Contracts

Default by Participant. 10.1 If payment of any of the amounts in this Agreement to be paid to the Qualified Contractor are not so made, or in the event that the Participant should default in any of the other covenants or agreements herein, or if the Municipality shall become insolvent or bankrupt or shall make a general assignment for the benefit of creditors, or if the Project is suspended or otherwise delayed for a period of fifteen (15) Business Days or more under an order of a court or other public authority provided that such order is not issued as a result of an act or omission of the Qualified Contractor, the Qualified Contractor may, without prejudice to any other right or remedy it has, terminate the Agreement immediately by providing the Participant and the AMSC written Notice. 10.2 On the occurrence of such default as set out herein: (a) the Qualified Contractor shall be entitled to recover payment from the Participant for the Services already completed proportionately to the Project price. The Participant shall have no right to claim any monies paid to the Qualified Contractor under this Agreement and the same may be retained by the Qualified Contractor as liquidated damages without limiting or prejudicing the Qualified Contractor’s right to claim for damages or seek other remedies. (b) the AMSC shall be entitled to recover payment from the Participant for any and all payments made by AMSC to the Qualified Contractor.