415 Failures Sample Clauses

The '415 Failures' clause defines the procedures and consequences when a party fails to meet its contractual obligations. Typically, this clause outlines what constitutes a failure, the steps required for notification, and any opportunities for the defaulting party to remedy the breach within a specified period. For example, if a supplier does not deliver goods on time, the clause may require written notice and allow a set number of days to correct the issue. Its core practical function is to provide a clear framework for addressing non-performance, thereby reducing uncertainty and helping both parties manage risk and resolve disputes efficiently.