DEFAULT, REMEDIES, AND TERMINATION RIGHTS Clause Samples

The "Default, Remedies, and Termination Rights" clause defines the circumstances under which a party is considered to be in breach of the agreement, outlines the actions the non-breaching party may take in response, and specifies the rights to terminate the contract. Typically, this clause details what constitutes a default, such as failure to perform obligations or insolvency, and describes the remedies available, which may include the right to cure the default, claim damages, or terminate the agreement. Its core function is to provide a clear framework for addressing breaches, thereby allocating risk and ensuring both parties understand the consequences of non-performance.
DEFAULT, REMEDIES, AND TERMINATION RIGHTS. Section 14.01 Events of Default Tenant will be deemed to be in default of this Lease upon the occurrence of any of the following: A. The failure or omission by Tenant to perform its obligations under this Lease or the breach of any terms, conditions and covenants required herein. B. The failure to pay, in full, to County within five (5) days of when due any fees, costs, expenses damages, or other charges applicable hereunder except where such failure is cured within ten (10) days after written notice by County of Tenant’s failure to pay. C. Tenant’s default under any other agreement with County at the Airport. D. The appointment of a Trustee, custodian, or receiver of all or a substantial portion of Tenant’s assets. E. The divestiture of Tenant’s estate herein by operation of law, by dissolution, or by liquidation, not including a merger or sale of assets. F. The insolvency of Tenant; or if Tenant will take the benefit of any present or future insolvency statute, will make a general assignment for the benefit of creditors, or will seek a reorganization or the readjustment of its indebtedness under any law or statute of the United States or of any state thereof including the filing by Tenant of a voluntary petition of bankruptcy or the institution of proceedings against Tenant for the adjudication of Tenant as bankrupt pursuant thereto. G. Tenant’s cancellation of its Surety without County’s prior written consent and does not reestablish it promptly after written notice by County. H. An assignment, sublease, or transfers of Tenant’s interest under this Lease by reason of death, operation of law, assignment, sublease, sale in bulk of any of its assets, or otherwise to any other person or business entity other than in compliance with the provisions of this Lease. I. If Tenant abandons, deserts, vacates, or ceases operations under this Lease for five (5) consecutive business days, unless undergoing repairs or renovations which have first been approved by County. J. Tenant’s failure to maintain any type of insurance or level of insurance coverage required hereunder (and in the event Tenant has failed to remedy such failure within ten (10) days after notice thereof from County, County may affect such coverage and recover the cost thereof immediately from the Surety or from Tenant). K. Any lien or attachment to be filed against the Leased Premises, the Airport, or other County property because of any act or omission of Tenant, and such lien or attachment is not d...
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DEFAULT, REMEDIES, AND TERMINATION RIGHTS. 12.01 Events of Default Company will be deemed to be in default of this Agreement upon the occurrence of any of the following: A. The failure or omission by Company to perform its obligations under this Agreement or the breach of any term, condition or covenant required herein. B. The conduct of any business or performance of any acts at the Airport not specifically authorized in this Agreement, failure to perform any of the provisions of this Agreement, or any other agreement between Authority and Company, and Company’s failure to discontinue that business or those acts within thirty (30) calendar days of receipt by Company of Authority’s written notice to cease said business or acts. C. The appointment of a trustee, custodian, or receiver of all or a substantial portion of Company’s assets; or the insolvency of Company; or if Company will take the benefit of any present or future insolvency statute, will make a general assignment for the benefit of creditors, or will seek a reorganization or the readjustment of its indebtedness under any law or statute of the United States or of any state thereof, including the filing by Company of a voluntary petition of bankruptcy or the institution of proceedings against Company for the adjudication of Company as bankrupt pursuant thereto. D. The divestiture of Company’s estate herein by operation of law, by dissolution, or by liquidation, not including a merger or sale of assets. E. Company’s violation of Florida Statute § 287.133 concerning criminal activity on contracts with public entities.
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DEFAULT, REMEDIES, AND TERMINATION RIGHTS. 72 Section 12.01 Events of Default 72 Section 12.02 City’s Remedies 73 ARTICLE XIII. INDEMNIFICATION AND RELEASE 75 ARTICLE XIV. INSURANCE 76 Section 14.01 Insurance Requirements 76 Section 14.02 Minimum Limits of Insurance Concessionaire 77 Section 14.03 Umbrella or Excess Insurance 78 Section 14.04 Deductibles and Self-Insured Retentions 78 Section 14.05 Other Insurance Provisions/Endorsements 78 Section 14.06 Providing of Documents 79 Section 14.07 Maintenance of Coverage 80 Section 14.08 Subcontractors 80 ARTICLE XV. SURETY FOR PERFORMANCE 81 Section 15.01 Form of Surety 81 Section 15.02 Application of Surety 81 Section 15.03 Release of Surety 81
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DEFAULT, REMEDIES, AND TERMINATION RIGHTS 
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Related to DEFAULT, REMEDIES, AND TERMINATION RIGHTS

  • Default Remedies Termination A. In the event of early termination under this Agreement and/or any SOW, other than for material breach by Brink's, Customer agrees that actual damages might be sustained by Brink's which are uncertain and would be difficult to determine. Customer hereby agrees to pay Brink's, as liquidated damages and not as a penalty, all remaining charges that would have been payable to Brink's from the date of termination up to and including the date of expiration of the then current term of this Agreement, plus any capital costs incurred by Brink's as a result of entering into this Agreement. Should Customer default in the payment to Brink's of any amounts due under this Agreement, then Customer shall also be responsible for interest as provided above and all attorney's fees, costs and expenses incurred by Brink's in the collection of such past due amounts. The past due amounts, interest and collection costs constitute "Unpaid Obligations". In addition to the other remedies provided in this Agreement and under applicable law, Customer hereby agrees that Brink's shall be permitted to retain as a credit and to offset against such Unpaid Obligations, on a dollar for dollar basis, any Property which Brink's has in its possession under this Agreement. B. Either party may terminate this Agreement in the event of a material breach of this Agreement (including non-payment) by the other party, provided that such breach continues for a period of thirty (30) days after receipt by the breaching party of written Notice from the non-breaching party specifying the nature of such breach. No written Notice is required if the breach is non-payment of amounts due. If such breach is cured within the applicable cure period, then this Agreement shall continue in full force and effect.

  • Contract Remedies and Early Termination 15 9.1 CONTRACT REMEDIES 15 9.2 TERMINATION FOR CONVENIENCE 16 9.3 TERMINATION FOR CAUSE 16 9.4 COSTS 16

  • Limitation of Remedies and Damages 8.1 Liability Cap. EXCEPT WITH RESPECT TO: (A) EITHER PARTY'S OBLIGATIONS UNDER SECTION 9 8.2 EXCEPT FOR CUSTOMER’S INFRINGEMENT OF SYSDIG’S INTELLECTUAL PROPERTY RIGHTS, IN NO EVENT SHALL EITHER PARTY, OR SYSDIG’S AFFILIATES OR ITS LICENSORS BE LIABLE FOR ANY CONSEQUENTIAL, INCIDENTAL, SPECIAL, INDIRECT, PUNITIVE OR EXEMPLARY DAMAGES, INCLUDING WITHOUT LIMITATION LOST PROFITS, LOSS OF USE, BUSINESS INTERRUPTIONS, LOSS OF DATA, REVENUE, GOODWILL, PRODUCTION, ANTICIPATED SAVINGS, COSTS OF PROCUREMENT OF SUBSTITUTE GOODS OR SERVICES, IN CONNECTION WITH OR ARISING OUT OF THE PERFORMANCE OF OR FAILURE TO PERFORM THIS AGREEMENT, WHETHER ALLEGED AS A BREACH OF CONTRACT OR TORTIOUS CONDUCT, INCLUDING NEGLIGENCE, EVEN OF A PARTY HAS BEEN ADVISED OF THE POSSIBILITY OF SUCH DAMAGES. 8.3 Limitations Fair and Reasonable. EACH PARTY ACKNOWLEDGES THAT THE LIMITATIONS OF LIABILITY SET FORTH IN THIS SECTION 8 REFLECT THE ALLOCATION OF RISK BETWEEN THE PARTIES UNDER THIS AGREEMENT, AND THAT IN THE ABSENCE OF SUCH LIMITATIONS OF LIABILITY, THE ECONOMIC TERMS OF THIS AGREEMENT WOULD BE SIGNIFICANTLY DIFFERENT.

  • Rights and Remedies Upon Breach If Executive breaches or threatens to commit a breach of any of the provisions of this Section 5 (the “Restrictive Covenants”), the Company shall have the following rights and remedies, each of which rights and remedies shall be independent of the other and severally enforceable, and all of which rights and remedies shall be in addition to, and not in lieu of, any other rights and remedies available to the Company under law or in equity:

  • When Rights and Remedies Not Waived In no event shall the making by Triumph of any payment to Grantee constitute or be construed as a waiver by Triumph of any breach of covenant or any default which may then exist, on the part of Grantee, and the making of such payment by Triumph while any such breach or default shall exist shall in no way impair or prejudice any right or remedy available to Triumph with respect to such breach or default.