Non-performance; remedies Clause Samples

The 'Non-performance; remedies' clause defines the actions and solutions available if one party fails to fulfill its contractual obligations. Typically, this clause outlines the steps the non-breaching party can take, such as demanding performance, seeking damages, or terminating the agreement, depending on the severity and nature of the non-performance. Its core function is to provide a clear framework for addressing breaches, ensuring both parties understand their rights and remedies if obligations are not met, thereby reducing uncertainty and potential disputes.
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Non-performance; remedies. If either Party does not perform under this Agreement (the “Non-Performing Party”) with respect to any of that Party’s obligations under this Agreement, the other Party (the “Demanding Party”) shall be entitled to give written notice in the manner prescribed in paragraph 26 below to the Non-Performing Party, which notice shall state the nature of the non-performance claimed and make demand that such non- performance be corrected. The Non-Performing Party shall then have (i) 15 days from the date of the notice within which to correct the non-performance if it can reasonably be cor- rected by the payment of money, or (ii) 30 days from the date of the notice to cure the non- performance if action other than the payment of money is reasonably required, or if the non- monetary non-performance cannot reasonably be cured within 30 days, then such longer pe- riod as may be reasonably required, provided and so long as the cure is promptly commenced within 30 days and thereafter diligently prosecuted to completion. If any non-performance is not cured within the applicable time period set forth in this paragraph, then the Demanding Party shall be entitled to begin the mediation and arbitration proceedings set forth in this par- agraph. The Parties agree that due to the size, nature and scope of the Development, and due to the fact that it may not be practical or possible to restore the property to its condition prior to Owner’s development and improvement work, once implementation of this Agreement has begun, money damages and remedies at law will likely be inadequate and that specific per- formance will likely be appropriate for the non-performance of a covenant contained in this Agreement. This paragraph shall not limit any contract or other rights, remedies, or causes of action that either Party may have at law or in equity.
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Non-performance; remedies. If Collective fails to provide the Application on a continuous basis for at least ninety-five percent (95%) of the time for three (3) consecutive calendar months, Subscriber may terminate the Agreement, regardless of any term remaining, without liability for penalties or damages associated with such termination, upon five
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Related to Non-performance; remedies

  • Acceleration; Remedies Upon the occurrence and during the continuance of an Event of Default, then, and in any such event, (a) if such event is a Bankruptcy Event, automatically the Commitments shall immediately terminate and the Loans (with accrued interest thereon), and all other amounts under the Credit Documents (including, without limitation, the maximum amount of all contingent liabilities under Letters of Credit) shall immediately become due and payable, and (b) if such event is any other Event of Default, any or all of the following actions may be taken: (i) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Commitments to be terminated forthwith, whereupon the Commitments shall immediately terminate; (ii) the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, declare the Loans (with accrued interest thereon) and all other amounts owing under this Agreement and the Notes to be due and payable forthwith and direct the Borrower to pay to the Administrative Agent cash collateral as security for the LOC Obligations for subsequent drawings under then outstanding Letters of Credit an amount equal to the maximum amount of which may be drawn under Letters of Credit then outstanding, whereupon the same shall immediately become due and payable; and/or (iii) with the written consent of the Required Lenders, the Administrative Agent may, or upon the written request of the Required Lenders, the Administrative Agent shall, exercise such other rights and remedies as provided under the Credit Documents and under applicable law.