Common use of Cure Default Clause in Contracts

Cure Default. a. Buyer may, by written notice to Seller, cancel all or part of this Contract: (i) if Seller fails to deliver the Goods within the time specified by this Contract or any written extension; (ii) if Seller fails to perform any other provision of this Contract or fails to make progress, so as to endanger performance of this Contract, and, in either of these two circumstances, within ten (10) days after receipt of notice from Buyer specifying the failure, does not cure the failure or provide Buyer with a written detailed plan adequate to cure the failure if such failure reasonably cannot be cured within such ten (10) days and such plan is acceptable to Buyer’s Authorized Procurement Representative; or (iii) in the event of Seller's bankruptcy, suspension of business, insolvency, appointment of a receiver for Seller's property or business, or any assignment, reorganization or arrangement by Seller for the benefit of its creditors. b. Seller shall continue work not canceled. If Buyer cancels all or part of this Contract, Seller shall be liable for Buyer’s excess re-procurement costs, in addition to any other remedies Buyer may possess. c. Buyer may require Seller to transfer title and deliver to Buyer, as directed by ▇▇▇▇▇, any (i) completed Goods, (ii) any partially completed Goods and materials, parts, and contract rights, and

Appears in 2 contracts

Sources: Purchase Order Contract, Purchase Order Contract