FAILURE TO EXECUTE THE CONTRACT Sample Clauses
The "Failure to Execute the Contract" clause defines the consequences and procedures that apply if one party does not sign or otherwise formally enter into the contract as agreed. Typically, this clause outlines what happens if a party fails to complete the necessary steps to make the contract legally binding, such as not returning signed documents by a specified deadline. Its core practical function is to provide clarity and certainty for both parties by specifying remedies or next steps, such as cancellation or forfeiture of deposits, thereby reducing ambiguity and potential disputes if the contract is not properly executed.
FAILURE TO EXECUTE THE CONTRACT. Contractors failing to execute the order placed on them to the satisfaction of the TANTRANSCO under the terms and conditions set forth therein, will be liable to make good the loss sustained by the TANTRANSCO, consequent to the placing of fresh orders elsewhere at higher rate, i.e. the difference between the price accepted in the contract already entered into and the price at which fresh orders have been placed. This is without prejudice to the imposition of penalty under the Liquidated Damages clause.
FAILURE TO EXECUTE THE CONTRACT. Ifthecontractorfailstofulfillthetermsandconditionsofthecontractandunable to continue the work, the TANTRANSCO has every right to engage another agency and get the work oneandtheresultantexcessexpenditureifanywillbedeductedfromhissecurity depositorfromtheoutstandingbillspayableifany.Thecontractisliabletobeterminatedif the successful contractor withdraws or is not taking up the work after receipt of acceptance order. In either case, the EMD will beforfeited.
FAILURE TO EXECUTE THE CONTRACT. The period for execution set forth in Section 11 (“Award and Execution of Contract”) may only be changed by mutual agreement of the parties. Failure to execute the contract within the time frame identified above constitutes sufficient cause for voiding the award. Failure to comply with other requirements within the set time constitutes failure to execute the contract. If the successful Bidder refuses or fails to execute the contract, the Court may award the contract to the next qualified Bidder.
FAILURE TO EXECUTE THE CONTRACT. Contractors failing to execute the order placed on them to the satisfaction of the TANGEDCO under the terms and conditions set forth therein, will be liable to make good the loss sustained by the TANGEDCO, consequent to the placing of fresh orders elsewhere at lower rate, i.e. the difference between the price accepted in the contract already entered into and the price at which fresh orders have been placed.