Common use of Your default Clause in Contracts

Your default. If you fail to pay any amount when due under this Agreement, have not otherwise performed or complied with any of these Terms, in whole or in part, or become insolvent, file a petition for bankruptcy or commence or have commenced against you proceedings relating to bankruptcy, receivership, reorganization or assignment for the benefit of creditors, we may cancel or suspend further deliveries or terminate the Agreement without affecting any contractual, legal or equitable rights or remedies that we may have. Without limiting our remedies, we will be entitled to cancellation charges for finished Goods and work in process which we commenced to reasonably meet the delivery schedule, as well as to quantity price adjustments reflecting volume pricing quoted based on quantities ordered but cancelled due to your default, and all costs, direct and indirect, incurred or committed and not recoverable, plus prorated anticipated profits. Continued shipment of Goods after your default will not constitute a waiver of our rights or remedies for the default.