Common use of DEFAULT AND RECTIFICATION Clause in Contracts

DEFAULT AND RECTIFICATION. 23.1 Either Party may give to the other a notice (“Default Notice”) requiring any default under this Agreement or Customer Agreement (as the case may be) to be rectified within a period that must be specified of not less than 20 Business Days of the date of that notice (“Rectification Period”). 23.2 The Party receiving a Default Notice must: 23.2.1 rectify that default within the Rectification Period; or