Common use of Breach Provisions Clause in Contracts

Breach Provisions. 17.1 Save as provided in clause 8 supra, should either of the PARTIES commit a breach of any of the provisions of the AGREEMENT which are applicable to it, , then and in such event the aggrieved PARTY shall be obliged to afford the guilty PARTY a period of 14 (fourteen) days’ written notice (calculated from the date of receipt thereof) within which to remedy the breach, failing which the aggrieved PARTY shall then be entitled at its sole and absolute discretion, subject to 17.2 infra, to cancel the AGREEMENT and claim damages, alternatively to abide thereby and claim damages without prejudice to any other rights then vested in the aggrieved PARTY in law. 17.2 Notwithstanding anything to the contrary in 17.1 supra, the aggrieved PARTY shall only be entitled to cancel the agreement if the breach is of a material nature and strikes at the roots of the AGREEMENT and cannot otherwise be reasonably remedied by monetary compensation, alternatively if such compensation is claimed and not paid.

Appears in 2 contracts

Sources: Memorandum of Agreement (Drdgold LTD), Memorandum of Agreement

Breach Provisions. 17.1 Save as provided in clause 8 supra, should 12.1 Should either of the PARTIES commit a breach of any of the provisions of the AGREEMENT which are applicable to it, , then and in such event the aggrieved PARTY shall be obliged to afford the guilty PARTY a period of 14 7 (fourteenseven) days’ days written notice (calculated from the date of receipt thereof) within which to remedy the breach, failing which the aggrieved PARTY shall then be entitled at its sole and absolute discretion, subject to 17.2 12.2 infra, to cancel the AGREEMENT and claim damages, alternatively to abide thereby and claim damages without prejudice to any other rights then vested in the aggrieved PARTY in law. 17.2 12.2 Notwithstanding anything to the contrary in 17.1 12.1 supra, the aggrieved PARTY shall only be entitled to cancel the agreement AGREEMENT if the breach is of a material nature and strikes at the roots of the AGREEMENT and cannot otherwise be reasonably remedied by monetary compensation, alternatively if such compensation is claimed and not paid.

Appears in 1 contract

Sources: Sale of Part Venture Interest (Drdgold LTD)