Events of Default by Contractor. Each of the following shall constitute a default by Contractor under this Agreement: (a) Contractor fails on three (3) or more occasions to perform its material obligations under this Agreement and fails to commence corrective action within ninety (90) Days after Contractor’s receipt of a Notice by Owner identifying the repeated failures on the part of Contractor; or (b) Contractor fails to comply with Applicable Law which results in a material adverse effect on any Decommissioning Project, and Contractor fails to remedy such failure within ninety (90) Days after Contractor’s receipt of a Notice by Owner describing the occurrence or existence of such failure or, if such remedy cannot reasonably be completed within such period, Contractor fails to promptly commence and diligently pursue remedial action within such ninety (90) Day period and conclude such action as soon as practicable.
Appears in 3 contracts
Sources: Turnkey Platform Decommissioning and Well Plugging and Abandonment Contract (Dynamic Offshore Resources, Inc.), Turnkey Platform Decommissioning and Well Plugging and Abandonment Contract (Dynamic Offshore Resources, Inc.), Turnkey Platform Decommissioning and Well Plugging and Abandonment Contract (Dynamic Offshore Resources, Inc.)