Term Early Termination Default and Remedies Sample Clauses

The 'Term, Early Termination, Default and Remedies' clause defines the duration of the agreement, the conditions under which it can be ended before its scheduled expiration, and the consequences of a party failing to meet its obligations. Typically, this clause outlines the initial and renewal periods, specifies events that constitute default (such as non-payment or breach of contract), and details the rights of the non-defaulting party, such as the ability to terminate the agreement or seek damages. Its core function is to provide a clear framework for ending the contract and addressing breaches, thereby managing risk and ensuring both parties understand their rights and obligations in the event of early termination or default.
Term Early Termination Default and Remedies 
View SourceView Similar (6)

Related to Term Early Termination Default and Remedies

  • Termination for Default; Remedies 8.2.1 Each of the following shall constitute an immediate event of default (“Event of Default”) under this Agreement: (a) Contractor fails or refuses to perform or observe any term, covenant or condition contained in any of the following Sections of this Agreement:

  • Performance Default and Remedies Subsection B. DEFAULT AND REMEDIES, second paragraph of the Contract is modified as follows (underlined language is added and stricken language is deleted): “Written notice of default and a reasonable 30-day opportunity to cure must be issued by the party claiming default.”

  • Termination on Default The Authority may terminate this Framework Agreement by serving written notice on the Supplier with effect from the date specified in such notice where the Supplier commits a Material Default and if: 26.8.1 the Supplier has not remedied the Material Default to the satisfaction of the Authority within twenty (20) Working Days, or such other period as may be specified by the Authority, after issue of a written notice specifying the Material Default and requesting it to be remedied; or 26.8.2 the Material Default is not, in the reasonable opinion of the Authority, capable of remedy.

  • Termination; Default We may reduce the Credit Limit or terminate your ability to receive further credit under this Agreement at any time without notice. You may terminate your ability to receive further credit under this Agreement by giving us notice of termination and returning to us all Cards and Credit Devices. Termination by you will be effective on the date we receive written notice from you along with the Cards and Credit Devices (unless they are lost or stolen, in which case you agree to sign an affidavit to that effect and stating that no credit received after the date of loss or theft was authorized by you).

  • H2 Termination on Default H2.1 The Authority may terminate the Contract by written notice in accordance with clause A5.2 (Notices) to the Contractor with immediate effect if the Contractor commits a Default and if: