Common use of Timely Execution Clause in Contracts

Timely Execution. 6.1. All periods, dates and terms mentioned in the Agreement are of the essence. The Other Party shall be in default through merely exceeding such periods, dates or terms. For the purpose of this provision, a performance with a Defect shall be equivalent to a performance notrendered. 6.2. The Other Party shall inform KIT promptly of any circumstances which may cause any delay, specifying the reasons of any delay and expected duration, as well as any proposed measures to reduce any delay as much as practicable. 6.3. The term of execution shall commence on the earlier of (i) the date upon which the Other Party has accepted the Agreement or (ii) the date upon which the Other Party has obtained the information, models, materials or resources from KIT that the Other Party absolutely requires, and of which necessity it has notified KIT, to commence the execution of the Agreement. 6.4. In the event that an agreed term, period or date is exceeded, KIT may, at its sole discretion: (a) impose a penalty on the Other Party in the amount of 0.5% of the total value of the Agreement per day, with a maximum of 20%; and (b) oblige the Other Party to immediately repay to KIT any (pre)payments or guaranteed amounts already received by it under the Agreement without the Other Party being entitled to set off these amounts against any claims on KIT accruing to it or alleged by it. From the date of the excess the Other Party shall owe statutory interest on the amounts to berepaid, in addition to and without prejudice to the other rights of KIT on the basis of the law or the Agreement, including, but not limited to, the right to demand compliance, the right to recover full damages.

Timely Execution. 6.15.1. All periods, dates and terms mentioned in the Agreement are of the essence. The Other Party shall be in default through merely exceeding such periods, dates or terms. For the purpose of this provision, a performance with a Defect shall be equivalent to a performance notrenderednot rendered. 6.25.2. The Other Party shall inform KIT promptly of any circumstances which may cause any delay, specifying the reasons of any delay and expected duration, as well as any proposed measures to reduce any delay as much as practicable. 6.35.3. The term of execution shall commence on the earlier of (i) the date upon which the Other Party has accepted the Agreement or (ii) the date upon which the Other Party has obtained the information, models, materials or resources from KIT that the Other Party absolutely requires, and of which necessity it has notified KIT, to commence the execution of the Agreement. 6.45.4. In the event that an agreed term, period or date is exceeded, KIT may, at its sole discretion: (a) impose a penalty on the Other Party in the amount of 0.5% of the total value of the Agreement per day, with a maximum of 20%; and (b) oblige the Other Party to immediately repay to KIT any (pre)payments or guaranteed amounts already received by it under the Agreement without the Other Party being entitled to set off these amounts against any claims on KIT accruing to it or alleged by it. From the date of the excess the Other Party shall owe statutory interest on the amounts to berepaidbe repaid, in addition to and without prejudice to the other rights of KIT on the basis of the law or the Agreement, including, but not limited to, the right to demand compliance, the right to recover full damages.

Timely Execution. 6.1. All periods, dates and terms mentioned in the Agreement are of the essence. The Other Party shall be in default through merely exceeding such periods, dates or terms. For the purpose of this provision, a performance with a Defect shall be equivalent to a performance notrenderednot rendered. 6.2. The Other Party shall inform KIT promptly of any circumstances which may cause any delay, specifying the reasons of any delay and expected duration, as well as any proposed measures to reduce any delay as much as practicable. 6.3. The term of execution shall commence on the earlier of (i) the date upon which the Other Party has accepted the Agreement or (ii) the date upon which the Other Party has obtained the information, models, materials or resources from KIT that the Other Party absolutely requires, and of which necessity it has notified KIT, to commence the execution of the Agreement. 6.4. In the event that an agreed term, period or date is exceeded, KIT may, at its sole discretion: (a) impose a penalty on the Other Party in the amount of 0.5% of the total value of the Agreement per day, with a maximum of 20%; and (b) oblige the Other Party to immediately repay to KIT any (pre)payments or guaranteed amounts already received by it under the Agreement without the Other Party being entitled to set off these amounts against any claims on KIT accruing to it or alleged by it. From the date of the excess the Other Party shall owe statutory interest on the amounts to berepaid, in addition to and without prejudice to the other rights of KIT on the basis of the law or the Agreement, including, but not limited to, the right to demand compliance, the right to recover full damages.