- General Defaults Clause Samples
The General Defaults clause defines the circumstances under which a party is considered to be in default under the agreement. Typically, this clause outlines specific events or failures—such as non-payment, breach of obligations, insolvency, or misrepresentation—that trigger a default status. For example, if a party fails to deliver goods on time or becomes bankrupt, these situations would be covered by this clause. Its core practical function is to clearly establish what constitutes a default, thereby providing a basis for the non-defaulting party to seek remedies or terminate the contract if necessary.
- General Defaults. Lessee may cancel this Lease at any time that it is not in default in its obligations by giving Lessor thirty (30) days written notice after the happening of any of the following events materially impairing the conduct of its normal business from the Premises:
14.1.1 Issuance by a court of competent jurisdiction of an injunction in any way preventing or restraining normal use of the Airport or any substantial part of it and the remaining in force of such injunction for a period of ninety (90) consecutive days.
14.1.2 The inability of Lessee or its customers to use, for a period of ninety (90) consecutive days, the Airport or any substantial part of it due to enactment or enforcement of any law or regulation, or because of fire, earthquake or similar casualty, or Acts of God or the public enemy.
14.1.3 The lawful assumption by the United States (U.S.) government of the operation, control, or use of the Airport or any substantial part of it for military purposes in time of war or national emergency.
- General Defaults. If the Contractor becomes wound up; If the Contractor becomes insolvent or compounds with or enters into an arrangement or compositions with its creditors; An order is made or resolution is effectively passed for the winding up of the Contractor (except for the purpose of restructuring or amalgamation with the written consent of PR1MA, which consent shall not be unreasonably withheld); A provisional liquidator, receiver or manager of its business or undertaking duly appointed or possession taken by or on behalf of creditors or debenture holders secured by a floating charge of any property comprised in or subject of the said floating charge; or Execution is levied against a substantial portion of the Contractor’s assets, then PR1MA shall have the right to terminate the MEBPA forthwith by giving notice to the Contractor.
- General Defaults. Lessee may cancel this Lease at any time that it is not in default in its obligations by giving Lessor thirty (30) days written notice after the happening of any of the following events materially impairing the conduct of its normal business from the Premises:
14.1.1 Issuance by a court of competent jurisdiction of an injunction in any way preventing or restraining normal use of the Airport or any substantial part of it and the remaining in force of such injunction for a period of ninety (90) consecutive days.
14.1.2 The inability of Lessee or its customers to use, for a period of ninety
- General Defaults. The term "Default," as used in this Agreement, means the occurrence of any one or more of the following events: