Common use of Events of Default by Contractor Clause in Contracts

Events of Default by Contractor. The following shall constitute Events of Default by the Contractor: 1. Persistent and repeated failure or refusal of the Contractor to perform timely, any obligation under this Agreement, unless such failure or refusal is clearly recognized, justified and excused by the terms and conditions of this Agreement, provided, however, insofar as such failure or refusal relates to payment obligations of the Contractor, Section 30.A.2 shall govern. 2. Failure of the Contractor to pay amounts owed to the County under this Agreement within thirty (30) days following the date they become due and owing. 3. The Contractor's or the Guarantor's being or becoming insolvent or bankrupt or ceasing to pay its debts as they mature or making an arrangement with or for the benefit of its creditors or consenting to or acquiescing in the appointment of a receiver, trustee or liquidator for a substantial part of its property, or (b) a bankruptcy, winding up, reorganization, insolvency, arrangement or similar proceeding instituted by or against the Contractor or the Guarantor under the laws of any jurisdiction, which proceeding has not been dismissed within sixty