Common use of EFFECT OF THE BUILDER’S DEFAULT Clause in Contracts

EFFECT OF THE BUILDER’S DEFAULT. If the BUILDER shall be in default as provided for in Paragraph 2.(a) of this Article hereinabove, the BUYER shall, in writing or by facsimile, notify the BUILDER to that effect, and may, at its option, rescind this CONTRACT in accordance with the provisions of this Article. The BUYER shall, in writing or by facsimile, notify the BUILDER to that effect, and the BUILDER shall, upon receipt of such notification, forthwith acknowledge in writing or by facsimile to the BUYER that such notification has been received. If any of the BUILDER’s default continues for a period of ten (10) days after the BUYER’s notification to the BUILDER of such default, the BUYER may, at its option, rescind this CONTRACT by serving upon the BUILDER a written notice or a facsimile notice of rescission confirmed in writing.

EFFECT OF THE BUILDER’S DEFAULT. If the BUILDER shall be in default as provided for in Paragraph 2.(a) of this Article hereinabove, the BUYER shall, in writing or by facsimile, notify the BUILDER to that effect, and may, at its option, rescind this CONTRACT in accordance with the provisions of this Article. The BUYER shall, in writing or by facsimile, notify the BUILDER to that effect, and the BUILDER shall, upon receipt of such notification, forthwith acknowledge in writing or by facsimile to the BUYER that such notification has been received. If any of the BUILDER’s default continues for a period of ten (10) days after the BUYER’s ’S notification to the BUILDER of such default, the BUYER may, at its option, rescind this CONTRACT by serving upon the BUILDER a written notice or a facsimile notice of rescission confirmed in writing.