Insolvency & Termination
Legal processes concerning financial failure, including bankruptcy, liquidation, and administrative receivership,,. Covers rights of determination (termination) of employment under the contract due to insolvency or default,.
Determination
The ending of the contractor's employment under the contract due to default or other specified events.
Definition
Liquidation
The legal process for terminating a company's existence, realizing assets to pay debts to creditors.
Definition