Common use of Default-Cancellation Clause in Contracts

Default-Cancellation. CEI reserves the right, by written notice of default, to cancel this Order, without liability to CEI, in the event of any of the following: a) insolvency of Vendor; b) the filing of a voluntary petition in bankruptcy by Vendor; c) the filing of an involuntary petition to have Vendor declared bankrupt; d) the appointment of a Receiver or Trustee for Vendor, or e) the execution by Vendor of an assignment for the benefit of creditors. If Vendor fails to perform as specified herein, or if Vendor breaches any of the terms hereof, CEI reserves the right, without any liability to CEI, upon giving Vendor written notice, to cancel this Order in whole or in part. Upon such cancellation, Vendor shall be responsible to CEI for all damages, costs, and liabilities arising from Vendor’s breach, including, without limitation, the cost to cover with replacement materials, equipment, services, costs of delays, and other related costs.

Default-Cancellation. CEI reserves the right, by written notice of default, to cancel this Order, without liability to CEI, in the event of any of the following: a) insolvency of VendorSeller; b) the filing of a voluntary petition in bankruptcy by VendorSeller; c) the filing of an involuntary petition to have Vendor Seller declared bankrupt; d) the appointment of a Receiver or Trustee for VendorSeller, or e) the execution by Vendor Seller of an assignment for the benefit of creditors. If Vendor Seller fails to perform as specified herein, or if Vendor Seller breaches any of the terms hereof, CEI reserves the right, without any liability to CEI, upon giving Vendor Seller written notice, to cancel this Order in whole or in part. Upon such cancellation, Vendor Seller shall be responsible to CEI for all damages, costs, and liabilities arising from VendorSeller’s breach, including, without limitation, the cost to cover with replacement materials, equipment, items and services, costs of delays, and other related costs.