Common use of Termination of Agreement; Default Clause in Contracts

Termination of Agreement; Default. 4.17.1. If: (i) the Consultant fails to comply with any of the terms or conditions of this Agreement; or (ii) a proceeding in bankruptcy, receivership or insolvency is instituted by or against the Consultant or its property; or (iii) the Consultant makes an assignment for the benefit of creditors; or (iv) the Consultant fails to comply with applicable laws, by-laws, or statutory regulations in force from time to time; or (v) the Consultant ceases or threatens to cease to carry on its business; (vi) the G.N.W.T. shall provide written notice to the Consultant of the default and the Consultant shall have a period of thirty (30) days from the date of the notice to cure the default to the satisfaction of the G.N.W.T. in its unfettered discretion. If a default continues for more than thirty (30) days, the G.N.W.T. may terminate this Agreement by delivery of notice in writing to that effect to the Consultant. 4.17.2. The Consultant shall be liable to and upon demand therefore pay to the G.N.W.T. an amount equal to all loss and damage suffered by the G.N.W.T. by reason of non- completion of the Services by the Consultant. If the Consultant fails to pay for such loss or damage on demand, the G.N.W.T. shall be entitled to deduct the same from any payments due and payable to the Consultant. Termination under this sub-clause does not operate so as to relieve or discharge the Consultant from any obligation under this Agreement or imposed upon them by law in respect to the Services or any portion thereof that they have completed. 4.17.3. Such termination shall not limit in anyway the G.N.W.T.’s recourse to any remedies available to it at law, equity or otherwise.