Default; Cure. In the event either party shall default under any obligation of such party hereunder, the non-defaulting party shall provide the defaulting party with notice thereof and the defaulting party shall have thirty (30) days from the date of such notice to cure any such default that is capable of cure within said period, failing which the non-defaulting party shall have the right to terminate this Agreement from and after the 31st day following the date of the notice of default. Notwithstanding the foregoing, in the event of a payment default the period to cure such default shall be ten (10) business days. Notice of a default shall be a condition precedent to any termination of this Agreement by reason thereof.
Appears in 2 contracts
Sources: Supply Agreement (Dresser-Rand Group Inc.), Supply Agreement (Dresser-Rand Group Inc.)