Common use of Cancellation Upon Default Clause in Contracts

Cancellation Upon Default. 18.1 Either party may terminate this Agreement upon written notice in the event of a material default of the terms and conditions hereof, which remains uncured after thirty (30) days of receiving a written description of the nature of the default from the non-breaching party. Nothing in this section shall be construed to preclude the parties from their other respective remedies provided at law or in equity, provided that such remedies are not precluded by the terms and conditions of this Agreement. Buyer shall have no liability for disposal of the capital assets should Buyer cancel under this section.

Cancellation Upon Default. 18.1 Either party may terminate this Agreement upon written notice in the event of a material default of the terms and conditions hereof, which remains uncured after thirty (30) days of receiving a written description of the nature of the default from the non-breaching party. Nothing in this section shall be construed to preclude the parties from their other respective remedies provided at law or in equity, provided that such remedies are not precluded by the terms and conditions of this Agreement. Buyer shall have no liability for disposal of the capital assets should Buyer cancel under this section. [ * * * ] Confidential treatment requested.