Common use of Default and Remedy Clause in Contracts

Default and Remedy. Where this Agreement is terminated by Party B with advance notice less than a month, Party A may deduct 10% of the Deposit for any day in short and reserves the right to seek additional indemnification. Where Party B fails to pay monthly Contract Price on time, Party A shall demand the payment in writing or by phone. If Party A fails to receive such monthly Contract Price within 3 days after such demand, Party A may immediately suspend the advertising till the receipt of such monthly Contract Price. Party A may deduct the daily Contract Price (calculated as the monthly Contract Price divided by 30) from the Deposit for any unsuspended advertising. Party A reserve the right to seek indemnification in addition to the deduction of the Deposit. Party A will not arrange for re-broadcast of any suspended advertising due to Party B’s failure to pay the monthly Contract Price on time. Party B shall bear all the consequences and losses incurred therefrom (including but not limited to losses suffered by the clients). Where the advertisings are delayed for broadcast due to the following reasons：(i) the content of Party B’s manuscript is not qualified; (ii) the certificate document is incomplete; (iii) the audio products does not meet the broadcast standard; or (iv) the above said documents has not been delivered to Party A on time, Party B shall bear all the consequence therefrom. Where, due to the satellite transmission or certain internal technical problems of CNR, no advertisings have been broadcasted on any given day or days, Party B shall be exempted from the amount of the daily Contract Price times the number of days when no broadcast has been made. In case of failure to restore the advertising broadcast within 10 days, the amount of the daily Contract Price times 15 shall be exempted. In case of failure to restore the advertising broadcast within 15 days, the monthly Contract Price shall be exempted. The exempted Contract Price shall be deducted from the following monthly Contract Price. Where the advertising broadcast results in a third party claim or a fine imposed by administration for industry and commerce, Party B shall seek indemnification against the advertising client to collect the fine or compensation, and bear all liability in case of failure to collect, including, without limitation, to compensate the third party claim, damage, compensation as well as fines imposed by the administration for industry and commerce. This Agreement is executed by the Parties on the basis of the packaged sale of exclusive rights for each year, thus, no monthly Contract Price shall be exempted due to the failure to broadcast certain portion of any given advertisings due to technical problems.