Supplier’s Default. 12.1. Supplier shall be in default of this Agreement if Supplier: (i) makes a general assignment for the benefit of creditors; (ii) files a voluntary petition for protection under the U.S Bankruptcy Code or has a receiver appointed for Supplier on account of its insolvency; (iii) fails to make any monetary payment within 5 days of receipt of written notice of failure to pay in accordance with the terms of the Contract Documents; or (iv) fails to perform any other obligation in accordance with the Contract Documents after being provided 30 days’ written notice of default and an opportunity to cure. 12.2. Upon Supplier’s default, Owner, without limiting or waiving any other rights which Owner may have at law or equity may immediately do any or all of the following without affecting price or schedule: (i) direct Supplier to stop Work on all or part of the Work until satisfactory corrective action has been taken; (ii) have others take corrective action necessary to achieve compliance with Contract Documents and deduct the cost of such corrective action by others from payments due Supplier; (iii) recover damages arising from Supplier’s default; (iv) suspend the Work; and/or (v) terminate the Agreement and/or Purchase Order for a Project pursuant to Section 13.1.
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Sources: Supply Agreement, Supply Agreement