Default-Cancellation. Buyer reserves the right to cancel this order, without liability to Buyer, in the event of insolvency of Seller, the filing of a voluntary petition in bankruptcy by Seller, the filing of an involuntary petition to have Seller declared bankrupt, the appointment of a receiver or trustee for Seller, or the execution by Seller of an assignment for the benefit of creditors. If Seller fails to perform as specified herein, or if Seller breaches any of the terms hereof, then without any liability to Buyer, and without waiver of any rights or remedies allowed or provided by law. Buyer reserves the right, upon giving Seller written notice and allowing Seller reasonable time to remedy such deficiency, (1) to cancel this order in whole or in part, or (2) to obtain the goods ordered herein from another source with any excess cost resulting therefrom charged to Seller.
Appears in 3 contracts
Sources: Purchase Order Agreement, Purchase Order Terms and Conditions, Purchase Order Terms and Conditions