Common use of Default by VENDOR Clause in Contracts

Default by VENDOR. 9.1 In the event the Vendor shall fail or refuse or neglect to perform his obligations under this Agreement and that such failure is not in any way due to any fault of the Purchaser, the Purchaser shall have to serve upon the Vendor in default a written notice to require the Vendor to remedy the breach alleged within seven (7) days of the said notice prior to enforcing any remedy against the Vendor. In the event the Vendor shall fail to remedy fully the breach alleged, then the Purchaser shall be entitled to elect the remedies stated hereinbelow:- (a) the Purchaser may seek specific performance of this Agreement against the Vendor and all costs and expenses (including solicitors costs on solicitors-clients basis) incurred by the Purchaser shall be borne fully by the Vendor; or Shares Sale AgreementIRG SAMOA - TEHG 7 (b) in the alternative, the Purchaser may at its sole discretion elect to terminate his Agreement, and recover from the Vendor a compensation sum in amount stated in Section D of the Schedule hereto (hereinafter referred to as “Agreed Liquidated Damages”). Once the said Agreed Liquidated Damages is fully paid, neither party hereto shall have any further claim against each other.

Default by VENDOR. 9.1 In the event the Vendor shall fail or refuse or neglect to perform his obligations under this Agreement and that such failure is not in any way due to any fault of the Purchaser, the Purchaser shall have to serve upon the Vendor in default a written notice to require the Vendor to remedy the breach alleged within seven (7) days of the said notice prior to enforcing any remedy against the Vendor. In the event the Vendor shall fail to remedy fully the breach alleged, then the Purchaser shall be entitled to elect the remedies stated hereinbelow:- (a) the Purchaser may seek specific performance of this Agreement against the Vendor and all costs and expenses (including solicitors costs on solicitors-clients basis) incurred by the Purchaser shall be borne fully by the Vendor; or Shares Sale AgreementIRG Agreement IRG SAMOA - TEHG 77 Messrs Teh ▇▇▇ Teh, Salina & Co. Advocates & Solicitors (b) in the alternative, the Purchaser may at its sole discretion elect to terminate his Agreement, and recover from the Vendor a compensation sum in amount stated in Section D of the Schedule hereto (hereinafter referred to as “Agreed Liquidated Damages”). Once the said Agreed Liquidated Damages is fully paid, neither party hereto shall have any further claim against each other.