Common use of Protracted Default Clause in Contracts

Protracted Default. Protracted Default means failure on the part of an Approved Debtor, after having accepted delivery of the goods exported by the Client in accordance with the relevant Export Contract, to pay the relevant amount due thereon to the Client or to whomsoever who is entitled in law to receive the said amount within a period of One Hundred and twenty days (120) days after the expiry of the relevant Due Date;