Defaults Remedies and Termination Sample Clauses
The 'Defaults, Remedies and Termination' clause defines what constitutes a breach or default under the agreement, outlines the actions the non-breaching party can take in response, and specifies the conditions under which the contract may be ended. Typically, this clause details the types of defaults (such as failure to pay or perform obligations), the process for notifying the defaulting party, and the remedies available, which may include the right to terminate the contract or seek damages. Its core function is to provide a clear framework for addressing breaches, ensuring both parties understand their rights and obligations if problems arise, and offering mechanisms to resolve issues or exit the agreement if necessary.
Defaults Remedies and Termination. A. [s501] Defaults - General Subject to the extensions of time set forth in Section 604, failure or delay by either party to perform any term or provision of this Agreement constitutes a default under this Agreement. The party who so fails or delays must immediately commence to cure, correct or remedy such failure or delay and shall complete such cure, correction or remedy with reasonable diligence and during any period of curing shall not be in default. The injured party shall give written notice of default to the party in default specifying the default complained of by the injured party. Except as required to protect against further damages, and except as otherwise expressly provided in Sections 507 and 508 of this Agreement, the injured party may not institute proceedings against the party in default until thirty (30) days after giving such notice. Failure or delay in giving such notice shall not constitute a waiver of any default nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failure or delay by either party in asserting any of its rights or remedies as to any default shall not operate as a waiver' of any default or of any such rights or remedies or deprive such party of its right to institute and maintain any actions or proceedings which it may deem necessary to protect, assert or enforce any such rights or remedies.
B. [s502] Legal Action
Defaults Remedies and Termination. Section 6.1 ▇▇▇▇▇ R&M's Right to Terminate.................................. 6 Section 6.2 ▇▇▇▇▇ Company's Right to Terminate............................
Defaults Remedies and Termination. 9.1 The Distributor may terminate this Agreement at any time by sending written notice to the Company, but under no circumstances will any money be refunded.
9.2 If either party breaches any commitment contained in or arising from this Agreement and fails to remedy the breach within sixty (60) days from the date of written demand to cure, the breaching party shall be deemed to be in default hereunder.
Defaults Remedies and Termination. Section 6.1 ▇▇▇▇▇ R&M's Right to Terminate. A material failure of ------------------------------ the ▇▇▇▇▇ Company to deliver the Products substantially in accordance with the terms contained herein, which remains uncured for a period of sixty (60) consecutive days, shall constitute a ▇▇▇▇▇ Company default hereunder. If a ▇▇▇▇▇ Company default occurs and is continuing, ▇▇▇▇▇ R&M after having given the ▇▇▇▇▇ Company and the Financing Parties ninety (90) days prior written notice may terminate this Product Purchase Agreement upon ▇▇▇▇▇ Company's and/or the Financing Parties' subsequent failure to cure such default within such ninety (90) day cure period.
Defaults Remedies and Termination. Section 8.1 ▇▇▇▇▇ R&M's Right to Terminate....................................
Defaults Remedies and Termination. 701. Defaults. Occurrence of any of the following (a “Breach”) shall, after the giving of the notice required by Section 702, constitute a default (“Default(s)”) under this Agreement by the non-performing Party:
Defaults Remedies and Termination. 14.1 Either party may terminate this Agreement immediately by sending written notice if the other party becomes insolvent, or becomes the subject of any proceeding seeking relief, reorganization, or rearrangement under any laws relating to bankruptcy or insolvency, or upon any assignment for the benefit of creditors, or upon the appointment of a receiver, liquidator, or trustee of any of its property or assets, or upon the liquidation, dissolution, or winding up of its business.
14.2 OxySure may terminate this Agreement immediately by sending written notice upon the assumption of control of Distributor by a governmental authority or other third party; the sale or transfer of the majority or all of its assets; or if there is a change of control, ownership, or management of the Distributor.
14.3 This Agreement may be terminated by the mutual agreement of OxySure and the Distributor.
14.4 If either party breaches any commitment contained in or arising from this Agreement (excepting Sections 14.1 and 14.2) and fails to remedy the breach within thirty (30) days from the date of written demand to cure (provided, however, in the event of Distributor’s default in its obligations under Article 4, there shall be no such demand required or cure available), the breaching party shall be deemed to be in default hereunder.
(a) On Distributor’s default, OxySure may do any of the following, as determined in OxySure’s sole discretion: (i) declare any unpaid sums under this Agreement immediately due and payable; (ii) suspend further performance by OxySure; (iii) terminate this Agreement; (iv) cancel the Distributor’s distribution rights; (v) reduce the extent of the Territory and/or Channel; and/or (vi) commence a legal proceeding, in accordance with Section 18.9, for damages and/or specific performance and/or pursue any and all other available remedies at law or in equity, all of such remedies being cumulative of each other. OxySure® Distribution Agreement
(b) In reviewing the Distributor’s performance in accordance with the Distributor’s obligations under Article 4, the parties agree that OxySure® shall not be limited to semi-annual determinations but may make a determinative evaluation of semi-annual performance based upon a two month pro rata analysis based on at least two consecutive months.
(c) In reviewing the Distributor’s performance in accordance with the Distributor’s obligations under Sections 2.2 and 2.4 and/or Article 4, the parties agree that OxySure shall not...
Defaults Remedies and Termination. SECTION 401. DEFAULTS - GENERAL Subject to the extensions of time set forth in Section 505, failure or delay by any party to perform any term or provision of this Agreement constitutes a default under this Agreement. Except as provided in Section 201 above, the party who so fails or delays must immediately commence to cure, correct, or remedy such failure or delay, and shall complete such cure, correction or remedy with reasonable diligence. A nondefaulting party shall give written notice of default to the party in default, specifying the default complained of by the injured party. Failure or delay in giving such notice shall not constitute a waiver of any default, nor shall it change the time of default. Except as otherwise expressly provided in this Agreement, any failure or delay by any party in asserting any of its rights or remedies as to any default, shall
Defaults Remedies and Termination. 701. Defaults. Occurrence of any of the following (a “Breach”) shall, after the giving of the notice and expiration of cure periods pursuant to Section 702, constitute a default (“Default(s)”) under this Agreement by the non performing Party:
Defaults Remedies and Termination. 38 Section 11.1. Events of Default . . . . . . . . . . . . . . . . . . . . .38 SECTION 12. INTERPRETATION OF AGREEMENT . . . . . . . . . . . . . . . . . . . .40