Default of the Buyer Sample Clauses
The "Default of the Buyer" clause defines the consequences and remedies available if the buyer fails to fulfill their contractual obligations, such as not making payments or not accepting delivery of goods or services. Typically, this clause outlines the steps the seller can take in response, which may include suspending further deliveries, charging interest on overdue payments, or even terminating the contract. Its core practical function is to protect the seller by providing clear procedures and consequences in the event of the buyer's non-performance, thereby allocating risk and encouraging compliance with the contract terms.
Default of the Buyer. 12.1. The Buyer is in default without notice of default being required if the period stipulated for the payment expires without payment having been made.
12.2. The Buyer will reimburse the Auctioneer for the damage that arises through delay in the payment of his debt, with the addition of any Costs and the statutory interest.
12.3. The Buyer and the Seller acknowledge the right of the Auctioneer, at his own discretion, to demand compliance of the Buyer who exceeds the payment period, or to proceed to rescind the Purchase, or to first demand compliance of the Buyer and subsequently, if this demand is unsuccessful, to nevertheless proceed to rescind the Purchase.
12.4. All costs arising from or connected with the enforcement of his rights arising from a Purchase by the Buyer at the Auction, including all costs arising from or connected with the judicial and/or extrajudicial collection of any untimely or incompletely paid amount will be borne by the Buyer without any notice of default being required. The amounts recorded in the accounts of the Auctioneer for the abovementioned Costs will constitute full evidence in respect of the abovementioned Costs, in the absence of evidence to the contrary supplied by the Buyer. In the event of untimely payment the Buyer is liable to pay interest equivalent to the statutory interest with the addition of 3% or, at the Auctioneer’s discretion, of 1% per month, to be calculated from the day on which the payment period has expired.
12.5. In the absence of payment by the Buyer within the specified period for payment, the Seller or the Auctioneer, without prejudice to their claims for reimbursement of Costs, damages and interest, are entitled to rescind the Purchase without legal intervention or notice of default being required, and to arrange for the Item to be re-auctioned. The re-auction takes place at the expense of the Buyer remaining in default, and under such provisions as determined by the Seller and/or the Auctioneer. The difference in the event of lower proceeds of the re-auctioned Item, and all Costs, damages and interest, and all Costs of the first Auction, must be paid by the Buyer remaining in default, failing which he is in default. The Buyer has no claim to the additional proceeds, and the Buyer cannot demand any refund of Costs already paid.
12.6. If the Seller or the Auctioneer make use of their abovementioned entitlement to rescind the Purchase due to non-compliance with obligations, and does not proceed to h...
Default of the Buyer. 7.1 Should the Buyer fail to make due payment for any Goods supplied by Pristine Pools and Spas Pty Ltd or commit a breach of any term of the sale, or being a natural person commit an act of bankruptcy, or being a corporation by act or omission enables the appointment of an administrator, scheme manager, trustee, official manager, receiver, receiver and manager, liquidator or any other person authorised to enter into possession or assume control of any property of the Buyer pursuant to a mortgage or other security, Pristine Pools and Spas Pty Ltd may, without prejudice to any other rights it may have, do any or all of the following -
(a) Withdraw any credit facilities which may have been extended to the Buyer and require immediate payment of all moneys owing or accrued;
(b) Withhold any further deliveries of Goods or performance of Services required under the accepted order;
(c) In respect of Goods already delivered, enter into the Buyer’s premises to recover and resell same for its own benefit;
(d) Suspend and/or terminate performance of any other contracts which Pristine Pools and Spas Pty Ltd has with the Buyer.
7.2 A certificate, signed by the Director, Accountant, Credit Controller or other authorised person of Pristine Pools and Spars Pty Ltd, stating the sum due and payable by the Buyer under the contract at the date mentioned in that certificate, will be prima facie evidence that the sum so stated is the sum due and payable by the Buyer to Pristine Pools and Spas Pty Ltd under the contract at the date. Without limiting clause 4.9, the cost of collection of any monies due and payable, including but not exclusively the fees of any mercantile agent or solicitor engaged by Pristine Pools and Spas Pty Ltd will be recoverable on a full indemnity basis against the Buyer.
7.3 The Buyer agrees that Pristine Pools and Spas Pty Ltd is entitled to exercise a right of set off to the extent the Buyer is indebted to Pristine Pools and Spas Pty Ltd against any monies due by Pristine Pools and Spas Pty Ltd to the Buyer on this or any other account.
Default of the Buyer. 11.1 Without prejudice to any other rights or remedies which ▇▇▇▇▇▇ might possess, ▇▇▇▇▇▇ shall be entitled to immediately terminate the Contract in the event that:
11.1.1 the Buyer fails to properly perform, carry out and/or complete its obligations arising under and / or in connection with the terms of the Contract in any way; or
11.1.2 the Buyer takes any action, or fails to take any action, which would lead ▇▇▇▇▇▇ to reasonably believe that there was a risk of the Buyer being or becoming insolvent; or
11.1.3 if in the opinion of ▇▇▇▇▇▇, the Buyer is guilty of gross misconduct or fails to comply with the provisions of this Contract in any way.
11.2 In the event of termination, ▇▇▇▇▇▇ shall without prejudice to any claim or right or remedy available to ▇▇▇▇▇▇, render an invoice for the full balance of the Equipment and any associated costs, and the Buyer shall be liable for all costs and losses arising to ▇▇▇▇▇▇ foreseeable or not.
11.3 In the event of termination, any amounts owed by the Buyer to ▇▇▇▇▇▇ shall become due for payment immediately. The final date for those payments to be paid is seven days after the due date.
Default of the Buyer. If the Buyer is in default with the acceptance of the vehicle following a written reminder, then ▇▇▇▇▇▇ shall ▇▇▇▇▇ a 30-day period of grace in writing. Once this has fruitlessly expired ▇▇▇▇▇▇ may:
a) insist upon fulfilment and demand compensation, or
b) waive the retrospective performance and demand 15% of the price of the sold vehicle as compensation, whereby the assertion of further compensation shall not be excluded, or
c) withdraw from the agreement. ▇▇▇▇▇▇ shall be entitled to the same rights if the Buyer, following a written reminder, defaults on the payment of the purchase price or of more than half of the purchase price, and if ▇▇▇▇▇▇ has fruitlessly granted the Buyer a grace period of 30 days in writing. The interest payable by the Buyer in the event of default or deferral shall be 5% p.a.. If ▇▇▇▇▇▇ withdraws from the agreement, then the compensation payable by the Buyer shall be calculated as follows: 15% of the price for the fall in the value of the vehicle caused by registration, plus 1% of the price for each month completed since the delivery of the vehicle, plus CHF 0.30 for each driven kilometre. Both Parties shall be entitled to demonstrate that the damages are in fact significantly higher or significantly lower than those claimed by the respective other Party.