Default And Notice To Cure Clause Samples

Default And Notice To Cure. If Subcontractor fails to supply enough properly skilled workers and proper materials, or fails to properly and diligently prosecute the Subcontract Work, or fails to make prompt payment to its workers, sub-subcontractors or suppliers, or becomes delinquent with respect to contributions or payments required to be made to any health and welfare, pension, vacation, apprenticeship or other employee benefit program or Trust, or fails to provide adequate assurances pursuant to the terms of the preceding paragraph, or is otherwise guilty of a material breach of any provision of the Contract Documents (the “Default”), and fails within twenty-four hours after receipt of written notice to commence and continue satisfactory correction of such Default with diligence and promptness, then Contractor, without prejudice to any rights or remedies, and without the need for previously having requested adequate assurances, shall have, in addition to remedies or rights otherwise set forth herein, the right to any or all of the following remedies: (1) Supply such number of workers and quantity of materials, equipment and other facilities as Contractor deems necessary to properly perform and complete the Subcontract Work, and charge the cost thereof to Subcontractor, who shall be liable for the payment of same including reasonable overhead, profit, and attorneys’ fees incurred as a result of Subcontractor’s failure of performance; (2) Contract with one or more additional contractors to perform such part of Subcontractor’s work as Contractor shall determine will provide the most expeditious completion of the total work and charge the cost thereof to Subcontractor; (3) Withhold payment of any monies due Subcontractor on this Project and/or any other Projects that Subcontractor is performing work on under contract with Contractor, pending corrective action to the extent required by and to the satisfaction of Contractor; (4) With respect to contributions or payments required to be made to any health and welfare, pension, vacation, apprenticeship or other employee benefit program or Trust, pay such amounts as Contractor deems reasonable into a third party escrow until adequate waivers and assurance are received; and/or (5) Declare Subcontractor in Default as provided for in the following Paragraph. In the event of an emergency affecting the safety of persons or property, Contractor may proceed with its remedies, including those set forth in items XXI.B (1) through B (5) without noti...
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Related to Default And Notice To Cure

  • Right to Cure Defaults Upon the occurrence of any Event of Default or if Borrower fails to make any payment or to do any act as herein provided, Lender may, but without any obligation to do so and without notice to or demand on Borrower and without releasing Borrower from any obligation hereunder, make or do the same in such manner and to such extent as Lender may deem necessary to protect the security hereof. Lender is authorized to enter upon the Property for such purposes, or appear in, defend, or bring any action or proceeding to protect its interest in the Property or to foreclose this Security Instrument or collect the Debt. The cost and expense of any cure hereunder (including reasonable attorneys' fees to the extent permitted by law), with interest as provided in this Section 11.3, shall constitute a portion of the Debt and shall be due and payable to Lender upon demand. All such costs and expenses incurred by Lender in remedying such Event of Default or such failed payment or act or in appearing in, defending, or bringing any such action or proceeding shall bear interest at the Default Rate (as defined in the Note), for the period after notice from Lender that such cost or expense was incurred to the date of payment to Lender. All such costs and expenses incurred by Lender together with interest thereon calculated at the Default Rate shall be deemed to constitute a portion of the Debt and be secured by this Security Instrument and the Other Security Documents and shall be immediately due and payable upon demand by Lender therefor.

  • Notification of default Each Borrower will notify the Agent as soon as that Borrower becomes aware of: (a) the occurrence of an Event of Default or a Potential Event of Default; or (b) any matter which indicates that an Event of Default or a Potential Event of Default may have occurred, and will keep the Agent fully up-to-date with all developments.

  • Notice of Events of Default The Issuer shall give a Responsible Officer of the Indenture Trustee and each Rating Agency prompt written notice of each Event of Default hereunder and each default on the part of the Servicer or the Seller of its obligations under the Sale and Servicing Agreement.

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.