Common use of Default Conditions Clause in Contracts

Default Conditions. If Vendor: (i) breaches any provision of the Agreement; (ii) , becomes insolvent, enters voluntary or involuntary bankruptcy, or receivership proceedings, or makes an assignment for the benefit of creditors; or (iii) is in violation of any state or federal law (collectively, “event(s) of default”), HISD will have the right (without limiting any other rights or remedies that it may have in the Agreement or by law) to terminate the Agreement with five (5) days prior written notice to Vendor. HISD will then be relieved of all obligations, except to pay the reasonable value of Vendor’s prior performance, satisfactory to HISD (at a cost not exceeding the Agreement rate and subject to any claims, costs and expenses incurred by HISD as a result of Vendor’s default). In the event of Vendor’s default, HISD is expressly authorized to obtain the goods or services that would have been provided by Vendor under this Agreement from an alternative source. Vendor will be liable to HISD for all costs exceeding the Agreement price that HISD incurs in completing or procuring the services and goods as provided for in the Agreement. HISD’s right to require strict performance of any obligation in the Agreement will not be affected by any previous waiver, forbearance, or course of dealing.

Default Conditions. If Vendorthe Supplier: (i) breaches any provision of the Agreement; (ii) ), becomes insolvent, enters voluntary or involuntary bankruptcy, or receivership proceedings, or makes an assignment for the benefit of creditors; or (iii) is in violation of any state or federal law (collectively, “event(s) of default”), HISD will have the right (right, without limiting any other rights or remedies that it may have in the Agreement or by law) , to terminate the Agreement with five ten (510) days prior written notice to Vendorthe Supplier. HISD will then be relieved of all obligations, except to pay the reasonable value of Vendorthe Supplier’s prior performanceperformance up to the date of termination, satisfactory to HISD (HISD, at a cost not exceeding the Agreement agreement rate and subject to any claims, costs and expenses incurred by HISD as a result of Vendor’s Supplier default). In the event of Vendor’s default, HISD is expressly authorized to obtain the goods or services that would have been provided by Vendor Supplier under this Agreement from an alternative source. Vendor The Supplier will be liable to HISD for all costs exceeding the Agreement price that HISD incurs in completing or procuring the services and goods as provided for in the Agreement. HISD’s right to require strict performance of any obligation in the Agreement will not be affected by any previous waiver, forbearance, or course of dealing.

Default Conditions. If Vendorthe Supplier: (i) breaches any provision of the Agreement; (ii) , becomes insolvent, enters voluntary or involuntary bankruptcy, or receivership proceedings, or makes an assignment for the benefit of creditors; or (iii) is in violation of any state or federal law (collectively, “event(s) of default”), HISD SSAISD will have the right (without limiting any other rights or remedies that it may have in the Agreement or by law) to terminate the Agreement with five (5) days prior written notice to Vendorthe Supplier. HISD SSAISD will then be relieved of all obligations, except to pay the reasonable value of Vendorthe Supplier’s prior performance, satisfactory to HISD SSAISD (at a cost not exceeding the Agreement agreement rate and subject to any claims, costs and expenses incurred by HISD SSAISD as a result of Vendor’s Supplier default). In the event of Vendor’s default, HISD SSAISD is expressly authorized to obtain the goods or services that would have been provided by Vendor Supplier under this Agreement from an alternative source. Vendor The Supplier will be liable to HISD SSAISD for all costs exceeding the Agreement price that HISD SSAISD incurs in completing or procuring the services and goods as provided for in the Agreement. HISDSSAISD’s right to require strict performance of any obligation in the Agreement will not be affected by any previous waiver, forbearance, or course of dealing.