Common use of DEFAULT PROVISION Clause in Contracts

DEFAULT PROVISION. 1. Failure by either party to comply with performance or payment terms can be considered a breach and cause for termination of this agreement. 2. Either party may terminate this Agreement upon thirty (30) days written notice to the other party. In the event of a breach of any material provision of this Agreement, the non-breaching party shall be entitled to terminate this Agreement if the breach is not cured within ten (10) days of written notice of such breach. In addition, this Agreement may be terminated at once by either party if (1) the other party is insolvent, bankrupt, gives notice of intent to cease trading or shall have a receiver or trustee appointed with respect to its assets or obligations; or (2) upon a change in the ownership of either party or upon any bulk transfer of assets. In the event of termination, each party agrees to fulfill all pre-existing obligations under this Agreement.