Common use of Default and Termination for Default Clause in Contracts

Default and Termination for Default. The Buyer or the Seller shall be in default of this Agreement if either breaches any provision of this Agreement and the breach is not cured by the breaching party within thirty (30) days of receipt of notice of said breach from the non-breaching party, unless the parties agree in writing to a different time to cure the breach. Upon the breaching party’s failure to timely cure a breach, the non-breaching party shall have the right to terminate this Agreement for default, and to pursue such remedies as may be available in law or equity. A. In the event of a termination due to the Seller’s breach, the Seller shall return any money paid by the Buyer for Credits that are unable to be utilized by the Buyer and shall pay all costs incurred by the Buyer to replace any Credits promised and mutually agreed upon, as indicated by both parties on Exhibit A, that were not provided. B. In the event of a termination due to Buyer’s breach which is not timely cured, the Seller shall have the right to sell the Credits to another qualified buyer. C. The Parties agree that they have a duty to mitigate damages. Parties will use reasonable efforts to minimize any damages incurred as a result of the other Party's non-performance of this Agreement. Such reasonable efforts may include, but shall not be limited to, requesting reserve credits from governmental agencies and/or purchasing credits from another trading partner.