Common use of Default; Procedures Before Termination or Forfeiture Clause in Contracts

Default; Procedures Before Termination or Forfeiture. It is agreed that this Combined Lease Agreement shall not be deemed forfeited or terminated for failure by one party to perform in whole or in part any of the covenants until after thirty (30) days following delivery of written notice of default to that party. If default is contested, and the notified party shall have been finally judicially determined that such default or failure exists, then the defaulting party shall be given a reasonable time therefrom to cure the default or failure, or otherwise comply with any such covenant. Only upon failure to cure shall termination occur.

Appears in 2 contracts

Sources: Purchase and Sale Agreement (Ivanhoe Electric Inc.), Purchase and Sale Agreement (Ivanhoe Electric Inc.)