Early Termination Upon Default Sample Clauses
The Early Termination Upon Default clause allows one party to end the contract before its scheduled completion if the other party fails to meet key obligations, such as payment or performance requirements. In practice, this clause typically outlines what constitutes a default, the process for notifying the defaulting party, and any grace periods for remedying the breach. Its core function is to provide a clear and enforceable mechanism for exiting the agreement in the event of serious non-compliance, thereby protecting parties from ongoing risk or loss.
Early Termination Upon Default. This Agreement may be terminated prior to the expiration of the Term upon the occurrence of any of the following Events of Default:
Early Termination Upon Default. In the event of a default under any of the material obligations of this Agreement by either party hereto, the party not in default may terminate this Agreement by serving sixty (60) days' written notice to such effect upon the defaulting party, setting forth the particulars with respect to the default relied upon to effect termination. In the event that the default specified in such notice is not cured within such sixty (60)-day period, then upon the expiration of said sixty (60)-day cure period this Agreement may be terminated by the non-defaulting party upon written notice to the defaulting party without any prejudice to the losses and damages caused by the breach of this Agreement; provided, however, that when the question of the existence of such default shall have been submitted for resolution in accordance with Article 21 of this Agreement, the running of said sixty (60)-day period shall be suspended during the pendency of such resolution process.