Section 27-04-01-08 - Events of defaultAn event of default exists if:
1. The business fails to train at a minimum the number of individuals specified in the final agreement. 2. The business fails to complete the training program. 3. Prior to project completion, the business ceases or announces the cessation of operations at the project site, unless such operations are transferred to another facility in the state of North Dakota and job service North Dakota receives assurances of continued repayment. 4. The business fails to act in accordance with the provisions of the training agreement. 5. The business directly or indirectly makes any false or misleading representations or warranties in the program application or training agreement, reports, financial statements, or any other documents that are provided to job service North Dakota. 6. The business fails to make required payments to job service North Dakota and to service providers as identified in the agreement. 7. The business becomes insolvent or bankrupt or admits in writing its inability to pay its debts as they mature or makes an assignment for the benefit of creditors or the business applies for or consents to the appointment of a trustee or receiver for the business or the major part of the property. 8. The business ceases or announces the cessation of operation at the project site prior to completion date of the term of the agreement, unless such operations are transferred to another facility in the state of North Dakota and job service North Dakota receives assurance of continued employment and repayment. 9. The business takes corporate action to affect any of the preceding conditions of default. 10. The business fails to file and pay any state taxes that may be required to be filed and paid to the state of North Dakota. N.D. Admin Code 27-04-01-08
General Authority: S.L. 1993, Ch. 493
Law Implemented: S.L. 1993, Ch. 493, § 2