7.2 Either Party may terminate this Contract immediately upon notice to the other Party if

(1) The other Party is in substantial breach of this Contract;

(2) Proceedings have been commenced by or against the other Party in bankruptcy or under any insolvency laws or for receivership, dissolution, or liquidation, or if the other Party has suffered an assignment for the benefit of creditors.
For the purposes of this Article, "substantial breach" shall mean non-fulfilment of any obligation, which the non-breaching Party considered essential when entering into this Contract, including failure for a period of 60 days or more to make payment of any uncontested monies due to the other Party.