Breach of the Contract. Item 9.1 Once this contract is in effect, either party fails to perform any obligation in the contract or violate any statement, guarantee and commitment in the contract, then it is breach of contract. If one party causes losses to the other party because of the above reason, then should be compensated to the other party. Item 9.2 If Party B does not perform the guarantee obligations in this contract, Party A has the right to deduct the money in all accounts that Party B opened in the Industrial and Commercial Bank of China and its branches to pay off the debt in the main contract. If the currency of the deducted money and the currency in the main contract is different, calculate the deduct amount using applicable rate published by Party A on deduct day. The interest and other fees from the deduct day and the pay off day, and the difference for exchange rate fluctuations during the period should be bear by Party B. Item 9.3 Except the provisions in the contract, if either party breaches the contract, the other party has the right to take measures provided by the PRC laws, regulations and rules.
Appears in 4 contracts
Sources: Guaranty Contract (Highpower International, Inc.), Guaranty Contract (Highpower International, Inc.), Guaranty Contract (Highpower International, Inc.)